bodyType

customContents

entityId

printArticlePageQuery

filter

article

body

urlAlias

articleSectionsContent

articleSeoArticle

articleSourceHeaderArticle

contentSchemaRenderContent

contentSubHeadlineContent

contentHeadlineContent

mainImagePrintArticleArticle

authorBlockPrintArticleArticle

contentSponsorTagContent

articlePianoPaywallContent

scmpYoutubeContent

hooksTrackPageViewArticle

query printArticlePageQuery(
  $entityId: String!
  $customContents: [CustomContentInput]
  $bodyType: BodyFormatTypeEnum
) {
  article(filter: {entityId: $entityId}) {
    entityId
    body(customContents: $customContents, type: $bodyType) {
      json
    }
    urlAlias
    ...articleSectionsContent
    ...articleSeoArticle_3o8td4
    ...articleSourceHeaderArticle
    ...contentSchemaRenderContent
    ...contentSubHeadlineContent
    ...contentHeadlineContent
    ...mainImagePrintArticleArticle
    ...authorBlockPrintArticleArticle
    ...contentSponsorTagContent
    ...articlePianoPaywallContent
    ...scmpYoutubeContent
    ...hooksTrackPageViewArticle
    id
  }
}

fragment articlePianoPaywallContent on Content {
  __isContent: __typename
  ...hooksPaywallPromiseContent
}

fragment articleSectionsContent on Content {
  __isContent: __typename
  sections {
    value {
      ...helpersCheckIfNewsSectionInFirstIndexSection
      ...entityLink
      name
      id
    }
  }
}

fragment articleSeoArticle_3o8td4 on Article {
  ...hooksArticleSeoArticle
  ...helpersCheckIsPostiesArticle
  ...helpersGetArticleTypeArticle
  entityId
  publishedDate
  updatedDate
  summary {
    text
  }
  subHeadline {
    text
  }
  body(customContents: $customContents, type: $bodyType) {
    text
  }
  keywords
  sections {
    value {
      name
      id
    }
  }
  topics {
    name
    entityId
    id
  }
  urlAlias
  authors {
    name
    id
  }
  images {
    style(filter: {style: "768x768"}) {
      url
    }
  }
  readingTime
}

fragment articleSourceHeaderArticle on Article {
  urlAlias
  ...entityLink
}

fragment authorBlockPrintArticleArticle on Article {
  ...defaultArticleDateContent
  ...authorNamesArticle
}

fragment authorNameAuthor on Author {
  ...entityLink
  name
  entityUuid
}

fragment authorNamesArticle on Article {
  authorLocations
  authors {
    entityId
    location
    ...authorNameAuthor
    id
  }
}

fragment blockquoteQuoteContent on Content {
  __isContent: __typename
  ...contentShareWidgetContent
}

fragment checkersCheckContentContainsStarlingImageContent on Content {
  __isContent: __typename
  topics {
    entityId
    id
  }
}

fragment contentHeadlineContent on Content {
  __isContent: __typename
  headline
  socialHeadline
  ...contentHeadlineTagContent
  ...helpersUseContentSponsorContent
}

fragment contentHeadlineTagContent on Content {
  __isContent: __typename
  ...hooksContentHeadlineTagContent
}

fragment contentNewsletterWidgetContent on Content {
  __isContent: __typename
  topics {
    relatedNewsletters {
      ...helpersMassageToNewsletterItemNewsletter
      id
    }
    id
  }
  sections {
    value {
      relatedNewsletters {
        ...helpersMassageToNewsletterItemNewsletter
        id
      }
      id
    }
  }
  ... on Article {
    relatedNewsletters {
      ...helpersMassageToNewsletterItemNewsletter
      id
    }
  }
}

fragment contentSchemaRenderContent on Content {
  __isContent: __typename
  ...blockquoteQuoteContent
  ...imageContent
  ...inlineWidgetContent
  ...photoGalleryWidgetContent
  ...scmpYoutubeContent
}

fragment contentShareWidgetContent on Content {
  __isContent: __typename
  entityId
  urlAlias
  shortUrl
  socialHeadline
  headline
}

fragment contentSponsorTagContent on Content {
  __isContent: __typename
  ...helpersUseContentSponsorContent
}

fragment contentSubHeadlineContent on Content {
  __isContent: __typename
  subHeadline {
    json
  }
  summary {
    json
  }
  ...contentSchemaRenderContent
}

fragment defaultArticleDateContent on Content {
  __isContent: __typename
  ...hooksArticleDateUtilsContent
}

fragment entityLink on BaseWithApplicationAndUrlAlias {
  __isBaseWithApplicationAndUrlAlias: __typename
  __typename
  entityId
  entityUuid
  urlAlias
  urlRedirect {
    toUrl
    id
  }
  application {
    entityId
    id
  }
  ... on Section {
    fullSectionPath {
      entityId
      id
    }
    parentSection
  }
  ...helpersAppBarVariantBase
  ...helpersApplicationBase
  ...helpersCheckIsPlusArticle
  ...helpersStyleSectionContent
}

fragment helpersAppBarVariantBase on BaseWithApplicationAndUrlAlias {
  __isBaseWithApplicationAndUrlAlias: __typename
  ...helpersCheckIsLiveArticle
  ...helpersCheckIsPlusPage
  ...helpersCheckIsPostiesArticle
  ...helpersCheckIsPostiesPage
  ...helpersCheckIsPostMagazineArticle
  ...helpersCheckIsStyleArticle
  ...helpersSectionContent
  ...helpersStyleSectionContent
}

fragment helpersApplicationBase on BaseWithApplicationAndUrlAlias {
  __isBaseWithApplicationAndUrlAlias: __typename
  ...helpersCheckIsPostiesArticle
  ...helpersCheckIsPostiesPage
  ...helpersCheckIsPlusPage
}

fragment helpersCheckIfNewsSectionInFirstIndexSection on Section {
  name
}

fragment helpersCheckIsAmpEnabledArticle on Article {
  entityId
  types {
    value {
      entityId
      id
    }
  }
  sections {
    value {
      entityId
      id
    }
  }
  disableOffPlatformContent
  sponsorType
  published
  ...helpersCheckIsPlusArticle
  ...helpersCheckIsPostiesArticle
}

fragment helpersCheckIsLiveArticle on Article {
  flattenTypeIds
  liveArticle {
    status
    id
  }
}

fragment helpersCheckIsMainTopicContent on Content {
  __isContent: __typename
  topics {
    entityId
    id
  }
}

fragment helpersCheckIsPlusArticle on Content {
  __isContent: __typename
  ... on Article {
    paywallTypes {
      entityUuid
      id
    }
  }
}

fragment helpersCheckIsPlusPage on Page {
  urlAlias
}

fragment helpersCheckIsPostMagazineArticle on Article {
  sections {
    value {
      entityId
      id
    }
  }
}

fragment helpersCheckIsPostiesArticle on Article {
  sections {
    value {
      entityId
      id
    }
  }
}

fragment helpersCheckIsPostiesPage on Page {
  urlAlias
}

fragment helpersCheckIsStyleArticle on Content {
  __isContent: __typename
  sections {
    value {
      entityId
      id
    }
  }
}

fragment helpersGetArticleTypeArticle on Content {
  __isContent: __typename
  ... on Article {
    types {
      value {
        entityId
        id
      }
    }
  }
}

fragment helpersMassageToNewsletterItemNewsletter on Newsletter {
  entityId
  name
  alternativeName
  description {
    text
  }
  summary {
    text
  }
  homepageDescription {
    text
  }
}

fragment helpersSanitizeArticleTypeEntityIdsArticle on Article {
  types {
    value {
      entityId
      id
    }
  }
}

fragment helpersSanitizeAuthorTypesArticle on Article {
  authors {
    types
    id
  }
}

fragment helpersSanitizedAuthorEntityIdsArticle on Article {
  authors {
    entityId
    id
  }
}

fragment helpersSectionContent on Section {
  fullSectionPath {
    entityId
    id
  }
}

fragment helpersStyleSectionContent on Section {
  fullSectionPath {
    entityId
    id
  }
}

fragment helpersUseContentSponsorContent on Content {
  __isContent: __typename
  topics {
    entityId
    sponsor {
      ...sponsorTagSponsor
      name
      type
      id
    }
    id
  }
  ... on Article {
    sponsorType
  }
  ...helpersCheckIsMainTopicContent
}

fragment hooksArticleDateUtilsContent on Content {
  __isContent: __typename
  createdDate
  publishedDate
  updatedDate
}

fragment hooksArticleSeoArticle on Article {
  ...helpersCheckIsPostiesArticle
  ...helpersCheckIsPostMagazineArticle
  ...helpersCheckIsStyleArticle
  ...hooksContentHeadlineTagContent
  ...helpersCheckIsAmpEnabledArticle
  entityId
  headline
  socialHeadline
  types {
    value {
      entityId
      id
    }
  }
  authors {
    entityId
    id
  }
  images {
    generic_og: style(filter: {style: "og_image_scmp_generic"}) {
      url
    }
    styles(filter: {styles: ["og_image_posties_article", "og_postmag", "og_image_style", "og_image_scmp_analysis", "og_image_scmp_explainer", "og_image_scmp_editorial", "og_image_scmp_fact_check", "og_image_scmp_debate", "og_image_scmp_live", "og_image_scmp_obituary", "og_image_scmp_opinion", "og_image_scmp_review", "og_image_scmp_series", "og_image_scmp_generic"]}) {
      url
      style
    }
    type
  }
  urlAlias
}

fragment hooksContentHeadlineTagContent on Content {
  __isContent: __typename
  __typename
  ... on Article {
    types {
      value {
        name
        entityId
        description {
          text
        }
        id
      }
    }
    ...helpersCheckIsStyleArticle
  }
  flag
  sections {
    value {
      name
      id
    }
  }
  ...hooksContentHelperContent
}

fragment hooksContentHelperContent on Content {
  __isContent: __typename
  ...helpersSanitizeArticleTypeEntityIdsArticle
  ...helpersSanitizeAuthorTypesArticle
  ...helpersSanitizedAuthorEntityIdsArticle
  flag
}

fragment hooksPaywallPromiseContent on Content {
  __isContent: __typename
  entityId
  ...helpersCheckIsPostiesArticle
}

fragment hooksTrackPageViewArticle on Article {
  entityId
  publishedDate
  headline
  sections {
    value {
      name
      id
    }
  }
  urlAlias
  authors {
    name
    id
  }
  entityUuid
}

fragment imageContent on Content {
  __isContent: __typename
  headline
  ...checkersCheckContentContainsStarlingImageContent
}

fragment inlineWidgetContent on Content {
  __isContent: __typename
  ...contentNewsletterWidgetContent
}

fragment mainImagePrintArticleArticle on Article {
  images {
    title
    url
    isSlideshow
    size_652x446: style(filter: {style: "652x446"}) {
      url
    }
  }
}

fragment photoGalleryDialogContent on Content {
  __isContent: __typename
  __typename
  ...contentShareWidgetContent
}

fragment photoGalleryWidgetContent on Content {
  __isContent: __typename
  ...photoGalleryDialogContent
}

fragment scmpYoutubeContent on Content {
  __isContent: __typename
  entityId
  urlAlias
  publishedDate
}

fragment sponsorTagSponsor on Sponsor {
  name
  type
  images {
    url
  }
}


sections

types

disableOffPlatformContent

sponsorType

published

headline

socialHeadline

authors

images

publishedDate

updatedDate

summary

subHeadline

keywords

topics

readingTime

authorLocations

entityUuid

Tom Holland

Demonstrations, tear gas and rubber bullets on the streets. You can see why the business community is in a flap. At first glance the events of the last week in Hong Kong look like a bad day in Belfast circa 1989.
In response, American politicians are again muttering about how the Hong Kong government’s proposed extradition bill undermines the “one country, two systems” model on which the United States’ relations with Hong Kong are based. More and more are calling for a review of the legislation under which the US grants Hong Kong special economic status, separate from mainland China.
And to cap it all, in the last few weeks Hong Kong’s short-term interest rates have swung from a deep discount to US dollar rates to a small premium; evidence, as some would have it, that money is haemorrhaging out of the city in search of a safe haven elsewhere.
Blame naive Lam, not Beijing, for Hong Kong’s extradition law mess
The fears of the business community are understandable. Recent events do undermine Hong Kong’s attractiveness – at the margin. In other words, international corporations which had been proposing to make investments in Hong Kong will now be more inclined to consider other options.
But the city – although it feels increasingly beleaguered – is a long way from seeing the sort of full-scale flight of international capital that some fear. For now at least, Hong Kong’s position is secure.




To deal with immediate concerns first: the convergence of Hong Kong interest rates with US rates is nothing to worry about. It is true that since February Hong Kong’s local currency one-month Hibor interbank interest rate has climbed from a deep 1.6 percentage point discount to the equivalent US dollar rate to reach a small premium last week.
But much of that convergence can be explained away by calendar effects, as Hong Kong-based businesses scramble for cash to fluff up their balance sheets as the 30 June end-of-quarter reporting cut-off approaches.
There is every reason to expect local interest rates to revert to their customary discount to US rates come July. Only if Hong Kong dollar rates move to a sustained premium to US rates will we need to get concerned about sizeable capital outflows.
China’s wrong, the US can kill off Huawei. But here’s why it won’t
Beyond that, however, there are more fundamental reasons to be sanguine about Hong Kong’s future as the locus of choice for international business in East Asia.
Hong Kong has always thrived by doing what mainland China cannot or will not do for itself. This goes all the way back to Hong Kong’s seizure by the British in the 1840s.
It was long the practice of European traders in Asia to grab convenient enclaves where they could establish the rule of law on their own terms, insulated from the whim of local potentates.

It is easy to condemn this practice from the moral high point of the 21st century. But the existence of such extraterritorial trading posts with predictable legal systems encouraged huge capital investments in international commerce. And their economic successes paved the way for the rule-based international trading system that has helped to create such enormous piles of wealth in Asia in recent decades.
Like it or not, Hong Kong fills much the same role today. Its separate legal and commercial jurisdictions create a marketplace where Chinese and international companies can meet and transact businesses on something approaching a level playing field.
Trade war: here are Beijing’s options – and not one looks any good
This benefits China at least as much as the rest of the world. A sizeable chunk of China’s foreign trade and investment is still conducted through Hong Kong intermediaries. Hong Kong’s capital markets raise billions of dollars in funding for Chinese companies that they could not get at home. And Hong Kong’s financial system provides Beijing with a convenient laboratory for cautiously internationalising its currency, the yuan.
In a nutshell, the Chinese government has a big incentive to maintain Hong Kong’s special status. Yes, Beijing will continue to squeeze its critics, further eroding both the city’s governance and its citizens’ freedoms. But for business, at least, it is in Beijing’s interests to conserve the broad status quo.

This interest will survive any further deterioration in US-China economic relations. Sure, tighter US policing of hi-tech exports to Hong Kong would be inconvenient. And few US banks in the territory would welcome greater US regulatory scrutiny of their dealings with Chinese entities.
But inconveniences aside, no congressional review of the US-Hong Kong policy act, nor even White House executive action to suspend aspects of Hong Kong’s special treatment, will greatly jeopardise Hong Kong’s position so long as China wants to continue expanding its international economic engagement.
Trade war: financial markets are focused on the wrong risk
And if US-China tensions do freeze into a new economic cold war, Hong Kong will still manage to prosper, at least in relative terms. Even if the world fragments into two competing and incompatible trading and technological blocs, there will be lucrative opportunities for those able to arbitrage between the competing economic powers. All Hong Kong’s history suggests it will be the leading arbitrageur.
So, yes, rubber bullets on the streets of Hong Kong are a deeply worrying escalation. And it is perfectly understandable why so many are spooked by the Hong Kong’s government’s extradition bill. But despite some of the more breathless accounts, international businesses are not yet scrambling for the exit.
In troubled times, intermediaries are all the more important. And Hong Kong is still China’s prime intermediary. ■
Tom Holland is a former SCMP staff member who has been writing about Asian affairs for more than 25 years


Hong Kong extradition protests: ‘one country, two systems’ is good for business – and for Beijing

The massive protests against Hong Kong’s proposed anti-extradition bill to China have spooked some in the business community. Photo: Winson Wong

***PAY PER USE. Please re-download from vendor website.*** Shutterstock ID 600704651 Flag of hong kong on an US dollar background. Finance concept. Photo: Shutterstock

Protesters flee clouds of tear gas as anti-riot police officers fire tear gas at Harcourt Road in Admiralty to push anti-extradition bill protesters further away from the Legislative Council Complex in Tamar, Admiralty. 12JUN19 SCMP / Sam Tsang

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Never mind the naysayers, there are reasons to be optimistic about Hong Kong’s future as the locus of choice for international business in East Asia
Not least of them is that its special status allows Beijing to do all the trade-related things it cannot or will not do for itself, writes Tom Holland


There are reasons to be optimistic about Hong Kong’s future as a locus for international business – among them is that its special status lets Beijing do all the trade-related things it cannot or will not do for itself, writes Tom Holland.


Hong Kong extradition bill

Hong Kong Basic Law

United States

Expresses the views, ideas and conclusions of the author. (Eg. Enough of Crazy Rich Asians, think of crazy poor Hongkongers.)


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Abacus | Hong Kong extradition protests: ‘one country, two systems’ is good for business – and for Beijing