Bitcoin extended its losses after China vowed to crack down on the cryptocurrency's mining and trading activities in an effort to prevent financial risks at a meeting chaired by Vice Premier Liu He on Friday, May 21. t was a doubled move against virtual currencies coming just after three Chinese financial regulators banned financial institutions from crypto-related businesses on Wednesday. China will also clamp down on illegal activities in the securities market, and maintain the stability of stock, bond and forex markets, the State Council's Financial Stability and Development Committee said after the meeting. China powers most of the world's bitcoin mining. According to data from the Cambridge Center for Alternative Finance, China accounted for over 70 percent of the world's computing power for bitcoin between September 2019 and April 2020.
Cryptocurrency mining has drawn regulatory attention in China in recent years. In April 2019, China's National Development and Reform Commission put cryptocurrency mining on a preliminary list of industries it wanted to eliminate, citing concerns including energy-wasting and regulation. However, the final version released in November removed cryptocurrency mining from the list. In June 2019, China's central bank – the People's Bank of China – issued a statement saying it would ban all domestic and foreign cryptocurrency exchanges and Initial Coin Offering websites. By the end of April 2021, north China's Inner Mongolia Autonomous Region said it would "clean up and shut down" all cryptocurrency mining operations to reduce carbon emissions in the coal-based region. Beset by the escalating regulations in major economies, bitcoin failed to recover from its tumble week after Tesla's CEO Elon Musk's tweets doubting its environmental impacts. The U.S. Treasury Department on Thursday also called for new rules that would require large cryptocurrency transfers to be reported to the Internal Revenue Service and the Federal Reserve flagged the risks cryptocurrencies posed to financial stability. China's Hong Kong also proposed on Friday that cryptocurrency exchanges operating in the city will have to be licensed by the markets regulator and will only be allowed to provide services to professional investors. At time of writing, bitcoin is traded at $39,000 each, about half from its all-time high a month ago of over $63,500 and similar to the level of the beginning of the year.
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As the need for its reparations function ceases, the BIS takes up a role of a banker to the central banks and other international financial organizations, and provides a forum for promoting international cooperation, dialogue, as well as policy analysis among central banks and within the international financial community. Furthermore, it also acts as a centre for economic and monetary research
Its head office is in Basel, Switzerland and there are two representative offices: in the Hong Kong Special Administrative Region of the People's Republic of China. 2. Main Functions The Bank for International Settlements (BIS) is an international organization which fosters monetary and financial cooperation and serves exclusively as a bank for central banks. Therefore, it does not accept deposits from, or provide financial services to, private individuals or corporate entities. The BIS fulfils its mandate by acting as: 2.1 A forum to promote discussion and policy analysis among central banks and within the international financial community Bimonthly meetings of the Governors and other senior officials of the BIS member central banks to discuss monetary and financial matters are instrumental in pursuing this goal. The standing committees located at the BIS support central banks, and authorities in charge of financial stability more generally, by providing background analysis and policy recommendations. These committees also help formulate international standards and best practices on the relevant matters. The committees comprise:
2.2 A prime counterparty for central banks in their financial transactions and an agent or trustee in connection with international financial operations The BIS offers a wide range of financial services to assist central banks and other official monetary institutions in the management of their foreign reserves. BIS financial services are provided out of two linked trading rooms: one at its Basel head office and the other at its office in Hong Kong SAR. In addition to standard services such as sight/notice accounts and fixed-term deposits, the Bank has developed a range of more sophisticated financial products which central banks can actively trade with the BIS to increase the return on their foreign assets. The Bank also transacts foreign exchange and gold on behalf of its customers. The BIS also offers a range of asset management services in sovereign securities or high-grade assets. These may be either a specific portfolio mandate negotiated between the BIS and a central bank or an open-end fund structure. Furthermore, the BIS extends short-term credits to central banks, usually on a collateralized basis, and coordinates emergency short-term lending to countries in financial crisis. 2.3 A centre for economic and monetary research The economic, monetary, financial and legal research of the BIS supports its meetings and the activities of the Basel-based committees. The BIS is also a hub for sharing statistical information amongst central banks, and for publishing statistics on global banking, securities, foreign exchange and derivatives markets. 3. Organization Structure The three most important decision-making bodies within the Bank are: the General Meeting of member central banks, the Board of Directors and the Management of the Bank. Decisions taken at each of these levels concern the running of the Bank and as such are mainly of an administrative and financial nature, related to its banking operations, the policies governing internal management of the BIS and the allocation of budgetary resources to the different business areas. The BIS currently has 55 member central banks, all of which are entitled to be represented and vote in the General Meetings. Voting power is proportionate to the number of BIS shares issued to each country. 4. Relationship with Members The members can hold shares in the BIS since 2000. In total there are 547,125 shares of issued capital. The change in the BIS regulation requiring shares to be held only by central banks (CB's). As a shareholder, representatives from the CB's are invited to attend regular meetings of Governors held every two months in Basel. These gatherings provide an opportunity for participants to discuss the world economy and financial market developments, and to exchange views on topical issues of central bank interest or concern. The main result of these meetings is an improved understanding by participants of the developments, challenges and policies affecting various countries and markets. In addition, the BIS organizes frequent meetings of experts on monetary and financial stability issues as well as on more technical issues such as legal matters, reserve management, IT systems, internal audit and technical cooperation. Though targeted mostly at central banks, BIS meetings sometimes involve senior officials and experts from other financial market authorities, the academic community and market participants. 5. The Bottom Line The BIS is a global center for financial and economic interests. As such, it has been a principal architect in the development of the global financial market. Given the dynamic nature of social, political, and economic situations around the world, the BIS can be seen as a stabilizing force, encouraging financial stability and international prosperity in the face of global change. Linda Kim HONG KONG, September 4 -- Hong Kong leader Carrie Lam on Wednesday formally withdrew a contentious extradition Bill following months of protests. "The government will formally withdraw the Bill in order to fully allay public concerns," she said in a pre-recorded address in Cantonese and English that was carried by all major broadcasters in Hong Kong. Mrs Lam said a motion to withdraw with be tabled when the Legislative Council reconvenes. Although Mrs Lam had previously suspended the Bill – saying it was “dead” – her move did little to appease demonstrators, who continued protesting and expanded their demands to include calls for greater democratic freedom. Without the Bill’s formal withdrawal, it could be reintroduced in a matter of days. This essentially responds to one of five demands protesters have asked for. The others are: the retraction of the word “riot” to describe rallies; the release of all arrested demonstrators; an independent inquiry into the police; and the right for Hong Kong people to democratically choose their own leaders. While she ruled out setting up an independent commission to look into the events that have led to recent mass protests, she said that the Independent Police Complaints Commission will be reinforced by former director of education Helen Yu and senior lawyer Paul Lam. The government will also meet with various stakeholders and members of the public in a bid to address the various social issues she said. "After more than two months of social unrest, it's obvious to many that the discontentment extends far beyond the (extradition) Bill," Mrs Lam added. The announcement follows a meeting with pro-establishment political figures, the South China Morning Post newspaper and other media reported, citing people they did not identify. The gathering included local legislators and the city's representatives to national legislative bodies. The meeting follows a weekend of demonstrations that saw some of the fiercest clashes between protesters and riot police. Activists have lobbed petrol bombs and set bonfires in the streets, while police officers fired tear gas, rubber bullets and pepper spray, making more than 1,100 arrests since early June. Hong Kong stocks jumped, led by property developers, after news reports said Mrs Lam will formally withdraw the extradition Bill that has sparked months of protests. The benchmark Hang Seng Index surged as much as 3.9 per cent before paring gains to 3.4 per cent at 3.06pm local time. The turmoil that followed Mrs Lam's attempt to introduce the ill-fated Bill - including mass marches that drew more than 1 million people and protests that shut the city's busy airport - have turned into the biggest crisis for Beijing's rule over the former British colony since it returned to Chinese rule in 1997. Linda Kim HONG KONG, August 26 -- Hong Kong stocks dived more than 3 per cent in the first few minutes of business on Monday. Caused by United States President Donald Trump ramped up his trade row with China and the city was hit by fresh violent protests over the weekend. The Hang Seng Index plummeted 3.27 per cent, or 857.33 points, to 25,322 at the open. The benchmark Shanghai Composite Index sank 1.6 per cent, or 46.41 points, to 2,851.02, and the Shenzhen Composite Index, which tracks stocks on China's second exchange, shed 1.96 per cent, or 30.87 points, to 1,547.83. Linda Kim HONG KONG, August 26 -- China sent the strongest warning yet of using troops on Hong Kong's streets, where Beijing says protests have turned into a "Colour Revolution", with water cannons and tear gas fired in skirmishes between police and demonstrators in the 12th straight weekend of unrest. "It's not only the China central government's authority but also its responsibility to intervene when riots take place in Hong Kong," the state-run Xinhua News Agency said on Sunday (Aug 25) in a commentary, recalling comments by former top leader Deng Xiaoping that Beijing has to act under such circumstances. United States President Donald Trump said on Aug 13 that reports from US intelligence agencies show the Chinese government is moving troops to its border with Hong Kong. A day earlier, Global Times, a Chinese tabloid run by the People's Daily, reported that the Chinese People's Armed Police were assembling in Shenzhen ahead of "apparent large-scale exercises", where "numerous" armoured personnel carriers, trucks and other vehicles of the paramilitary force were seen heading towards Hong Kong's neighbouring city. In Sunday's commentary, Xinhua said Hong Kong's protests have turned into a Colour Revolution aimed at overturning the Special Administrative Region's constitutional institutions, a signal it was ready to take further action. Previously, Chinese officials described the protests as having some characteristics of a "Colour Revolution". Protesters' violent acts have pushed Hong Kong to an extremely dangerous edge, the city's government said in a statement after a day full of violent clashes between demonstrators and the police, where an officer fired warning shots in the air. Linda Kim HONG KONG, August 25 -- Protesters left the northern district of Tsuen Wan, where police had earlier deployed two water cannon, at first during dispersal operations, regrouping in the working class district of Sham Shui Po on Sunday night. Amid heavy rain, scores of protesters with umbrellas shouting "hak seh wui", or "triads", at riot police gathered to disperse the crowd. Earlier, police deployed two vehicles equipped with water cannons on the streets of Tsuen Wan, a town in the New Territories area close to the Chinese border. The vehicles slowly cruised down streets and directed their water cannons at makeshift barricades as police cleared roads after protesters retreated southward, and most had dispersed by about 7.30pm (local time). This came as multiple rounds of tear gas were fired to clear protesters, following an approved protest march earlier in the day. But as protesters dispersed, a splinter group targeted several shops in Yi Pei Square in Tsuen Wan, the site of clashes between pro-democracy protesters and government supporters, trashing several shops including a restaurant and a mahjong parlour. Shortly after 8pm, at least three officers drew their service revolvers on a group of protesters who had attacked them, resulting in a standoff at a nearby building with reporters unhappy that a gun had been pointed at them. Riot police were brought to reinforce the officers. A uniformed officer had fired a warning shot during the encounter, a senior police officer told journalists at the scene but did not go into further details citing the need for further investigation. Earlier in the day, groups of demonstrators occupied the streets in Tsuen Wan with barricades made of dismantled roadside fences, bamboo poles, water-filled barriers, traffic cones and dustbins near Tsuen Wan Park, the official end point of the march that started at Kwai Chung Sports Ground. One water-cannon vehicle was used to clear the barricades on Tai Ho Road, which was not occupied by protesters, according to local TV footage. In a statement, police said the situation in Tsuen Wan had escalated, with protesters hurling bricks and aiming strong laser beams at officers. The police appealed to people in the area to leave immediately. Linda Kim HONG KONG, August 25 -- Hong Kong police on Sunday said they arrested 29 people after clashes overnight, in which volleys of tear gas were fired to break up anti-government protests and as the Asian financial hub braced for further demonstrations in the day. Aged between 17 and 52, the suspects - 19 men and 10 women - were arrested for offences including the possession of offensive weapons and assault of police officers, police said in a statement. Those arrested included the organiser of Saturday's march, Mr Ventus Lau, public broadcaster RTHK reported. The force also strongly condemned protesters for "breaching public peace" on Saturday. On Sunday, transport to the city's international airport appeared normal, despite protesters' plans for a day-long "stress test" of transport in the aviation hub. Another protest was planned for Sunday in the working class district of Tsuen Wan, while demonstrators also plan a city-wide strike and class boycotts at universities in coming weeks. Hong Kong's metro operator MTR said on Sunday that a number of stations on the Tsuen Wan line would be closed from 1.30pm, RTHK reported. The Kwai Fong and Tsuen Wan stations on the Tsuen Wan line as well as the Tsuen Wan West station on the West Rail line would be temporarily closed. VIOLENT PROTESTS Activists on Saturday threw petrol bombs and bricks in the gritty industrial area of Kwun Tong, a densely populated area of the Chinese territory on the east of the Kowloon peninsula. Four MTR subway stations were closed due to the protests. Police used tear gas after some protesters threw Molotov cocktails and bricks and others tore up "smart" lamp posts equipped with surveillance cameras. Others had set up roadblocks with bamboo scaffolding. It was the first use of tear gas in more than a week after a series of mostly peaceful demonstrations in the former British colony. Strongly condemning the "vandalistic and violent acts of radical protesters" on Saturday, the Hong Kong government said in a statement that the police would strictly follow up on all the illegal acts. It also appealed to the protesters to stop the violence so that order can be restored in society as soon as possible. FIGHT FOR DEMOCRACY The protests, which started over a now-suspended extradition Bill and have evolved into demands for greater democracy, have roiled Hong Kong for three months. Demonstrators' demands include an independent inquiry into what they describe as police brutality, a full withdrawal of the extradition Bill, and universal suffrage. The wider calls for democracy have plunged the city into an unprecedented crisis posing a direct challenge for Communist Party leaders in Beijing. Demonstrators say they are fighting the erosion of the "one country, two systems" arrangement that enshrines a high degree of autonomy for Hong Kong since it was handed back from British to Chinese rule in 1997. Linda Kim HONG KONG, August 24 -- Hong Kong kicks off its 12th straight weekend of anti-government protests with an approved march in Kwun Tong. It is taking a tense turn as demonstrators again resort to blocking roads, while earlier, residents engaged MTR staff in a stand-off over suspended train services. More than a thousand people showed up in the industrial district, calling for the full withdrawal of the now-shelved extradition bill and demanding an explanation over a plan to set up "smart lamp posts" along roads. The devices measure traffic conditions, weather and other data, but critics say they infringe upon privacy. The march follows a plan in the morning to cripple transport links to the airport, but that protest action failed to take off because of low numbers. The Kwun Tong procession will head from Tsun Yip Street to Zero Carbon Building in Kowloon Bay, and marks the latest in nearly three months of demonstrations that have rocked the city. The political crisis was sparked by the hated extradition bill, which would have allowed the transfer of fugitives to jurisdictions with which Hong Kong has no such agreement, including mainland China. Linda Kim BEIJING, August 23 -- The family of a worker at the UK consulate in Hong Kong has rejected a "fake" report by Chinese state media that he was detained in the mainland for visiting prostitutes. Mr Simon Cheng disappeared after visiting the city of Shenzhen from the semi-autonomous city on Aug 8, and the Foreign Office in London said both British officials and relatives have been unable to speak to him since. The Global Times, a tabloid state-run newspaper, said he had been detained for "soliciting prostitutes", citing police in Shenzhen, which lies on the China-Hong Kong border. But a Facebook page run by Mr Cheng's family dismissed the report. "This is a made-up crime of soliciting prostitution, everyone should see it's a joke," the comment said. Beijing confirmed on Wednesday that an employee of the British consulate had been "placed in administrative detention for 15 days as punishment" by police in Shenzhen for breaking a public security law. "Let me clarify, this employee is a Hong Kong citizen, he's not a UK citizen, which is also saying he's a Chinese person," Chinese foreign ministry spokesman Geng Shuang said. According to the Global Times, Mr Cheng could be detained for up to 15 days and fined up to 5,000 yuan ($977) for the alleged crime. In an editorial on Friday, the tabloid said it was at Mr Cheng's request that police did not contact his family and that "thanks to the British foreign ministry and media, which have been hyping it, the case is now fully exposed". Mr Cheng was in the process of returning via high-speed train on Aug 8 and sent messages to his girlfriend as he was about to go through customs. He has not been seen or heard from since. The family said it had hired a lawyer in Shenzhen who had been unable to find or speak to the detained man. Police in Shenzhen did not reply to AFP's request for comment. A spokesman for the British Foreign Office said in a statement on Thursday that it was continuing "to urgently seek further information about Simon's case". The incident comes as relations between Britain and China have become strained over what Beijing calls London's "interference" in pro-democracy protests that have wracked Hong Kong for three months. China promised to respect the freedoms in the semi-autonomous territory after its handover from Britain in 1997 - including freedom of speech, unfettered access to the Internet and an independent judiciary - but protesters say these rights are being eroded. Chinese authorities have increased their inspections at the border since the protests, including checking the phones and devices of some passengers for photos of the demonstrations. Beijing has faced criticism in the past for detaining foreign nationals amid ongoing diplomatic spats, and for accusing dissidents or activists of sex crimes. Linda Kim HONG KONG, August 23 -- Hong Kong’s protest movement began as opposition to a now-suspended extradition bill but evolved into a direct challenge to the city’s government and calls for full democracy. Beyond their immediate demands, many young protesters, express fears for the future - anxiety that reflects broader uncertainty over China’s promise to Britain to maintain the freewheeling city’s way of life for 50 years. That 50-year period runs out in 2047. WHY THE FEAR? The fears are twofold. Firstly, many Hong Kong people have watched what they see as Beijing’s tightening grip on their city, from the detention of booksellers by mainland security agents to the expulsion of a foreign journalist, the jailing of young activists, sweeping legal interpretations by Beijing on city matters, and curbs on electoral freedom. Many say the extradition bill - which would have put Hong Kong people at the mercy of China’s Communist Party-controlled courts - was merely the latest in a string of erosion's. But their fears also reflect uncertainty over Hong Kong’s future that is written into the Basic Law, the mini-constitution that has guided Hong Kong’s relations with Beijing since the handover from British rule in 1997. The document enshrines rights and freedoms - including freedom of speech, assembly and an independent judiciary - inherent in the “one country, two systems” formula that underpinned agreement between Beijing and London. Those freedoms remain far greater than those that exist on the mainland, where the Communist Party ultimately controls many aspects of society, including the media and the courts. Article 5 of the Basic Law states that China’s “socialist system and policies” shall not be practised in Hong Kong and “the previous capitalist system and way of life shall remain unchanged for 50 years”. Just as British colonial Hong Kong was famously described by the Eurasian writer Han Suyin as existing on “borrowed time in a borrowed place”, the clock to 2047 is ticking. WHAT HAPPENS AFTER 2047? No one knows. Talking to officials, scholars, business people and protesters, there is uncertainty about the broad principles and the impact on specifics, such as property leases and the judiciary. Some believe much will depend on how Beijing views the city at the time, and what political changes unfold across China over the next 28 years. “Of course, it’s vague but it is clear that after 50 years mainland policy can change. They don’t have to change but they can change,” said Simon Young, a professor at the University of Hong Kong Law School. “They would no longer be beholden by Article 5 and the Joint Declaration,” he said, referring to another agreement with Britain. The city’s government has said little on Hong Kong after 2047. Its constitutional affairs bureau said in 2016 the Basic Law had no expiry date. “The country’s sovereignty over Hong Kong will not change 50 years after Hong Kong’s return to the Motherland, nor will the country change its basic policies towards Hong Kong after 50 years,” then bureau undersecretary Ronald Chan said at the time. A bureau spokeswoman affirmed that reply to Reuters this week. “There is no question of the expiry of the Basic Law in 2047 as the PRC (People’s Republic of China) will not change its basic policies to Hong Kong, i.e. one country, two systems.” Despite the protests, Ip Kwok-him, a veteran pro-establishment politician who sits on Hong Kong’s Executive Council, its top policy advisory body, said he believed Beijing still wanted to extend the formula beyond 2047. “In my interactions with China’s leaders, I could sense this position,” said Ip, who is also a delegate to China’s parliament, the National People’s Congress. The central government’s Hong Kong and Macau Affairs Office did not respond to questions from Reuters on the issue. Many in Hong Kong remain far more skeptical, fearing that Hong Kong will be absorbed into China’s system and its freedoms, already under threat, will evaporate. WHAT IMPACT ON THE PROTESTS? As protests enter their 12th week, it is clear the question of 2047 is becoming more pertinent. Young protesters’ increasing focus on issues like democratic reform - promised in the Basic Law - highlights a desire to protect Hong Kong’s freedoms in the years ahead. As thousands of activists shut down Hong Kong’s airport last week, a sign hung above them in the arrivals’ hall: “Let the future be created”. Linda Kim BEIJING, August 22 -- China is hopeful that US President Donald Trump can “honour” his earlier hands-off stance on Hong Kong, although the Commerce Ministry spokesman neglected to mention the latest statement from the American leader linking the trade talks between Washington and Beijing with the anti-government protests in the city. China is hopeful that US President Donald Trump can “honour” his earlier hands-off stance on Hong Kong, although the Commerce Ministry spokesman neglected to mention the latest statement from the American leader linking the trade talks between Washington and Beijing with the anti-government protests in the city. Trump had been distancing himself from the tensions until earlier this week saying that trade talks with China would be hampered if Beijing used violent means to crack down on the ongoing protests in Hong Kong similar to those employed against pro-democracy protests in Tiananmen Square in 1989.Trump said that if a similar crackdown happened in Hong Kong, “there’d be tremendous political sentiment not to do something”, referring to trade negotiations between China and the United States. “It does put pressure on the trade deal. If they do something negative, it puts pressure,” he added. “We noticed that President Trump had said that Hong Kong is part of China and [China and Hong Kong] can sort it out on their own. We hope the US side can honor these words,” said Commerce Ministry spokesman Gao Feng on Thursday. Protests have taken place in Hong Kong since June 9, sparked by demands for the city’s government to withdraw an unpopular extradition bill that would have allowed the transfer of suspects to mainland China. Protests have continued in the city for over 11 weeks despite Hong Kong leader Carrie Lam stating that the bill “is dead”. The stance from China’s Commerce Ministry is in line with China’s Foreign Ministry and state media as Beijing is opposed to linking the situation in Hong Kong with the talks over the ongoing trade war. Earlier on Wednesday, Trump added that “I don’t view it as leverage. I hope Hong Kong works out in a very humane way. I don’t view it as leverage or non-leverage. I hope it works out in a humane way. And I think that President Xi Jinping has the ability to make sure that happens”. Gao said China’s negotiating team has maintained contact with their American counterparts, with Vice-Premier Liu He believed to have taken part in a scheduled phone call with US trade representative Robert Lighthizer and US Treasury Secretary Steven Mnuchin last week. Stocks on the Hang Seng Index face their worst slumps since the 2008 Global Financial Crisis22/8/2019 Linda Kim HONG KONG, August 22 -- Hong Kong stocks are poised for their worst quarter since 2015 and corporate earnings are unlikely to save them. After a sell-off erased more than US$600 billion from the city’s equities, attractive valuations stood as a potential bright spot. But those multiples don’t look so good when analysts keep slashing their profit forecasts for 2019. Their call for an average 19 per cent slump in operating income would be the biggest contraction for Hang Seng Index companies since the global financial crisis, data compiled by Bloomberg show. While a protracted US-China trade war and a weak yuan are to blame for a big chunk of the profit reductions, the latest cuts reveal a deeper issue. With Hong Kong’s slowing economy buckling under the pressure of 11 straight weeks of protests, demand for everything from bank loans to utility gas may be jeopardized. “The third quarter could be even worse given the local political situation and the trade war escalation,” said Jackson Wong, asset management director at Amber Hill Capital. “Potential downside surprises have not been fully reflected in share prices.” Shares of utilities provider Hong Kong and China Gas fell 5.3 per cent on Wednesday after it posted disappointing results and said the local business environment is “full of challenges.” Political unrest in Hong Kong may dampen its sales to the hospitality industry as people opt to cook at home rather than dine out, analysts at Daiwa Securities Group say. The threat from the trade war and weeks of local unrest has been apparent in the property market, as well as hotel occupancy and retail sales. CK Asset Holdings, whose shares fell to lowest since January 2017 last week, postponed a luxury residential project because of the protests. HSBC Holdings and BOC Hong Kong Holdings have lost about 9 per cent this month as investors become increasingly concerned about capital flight. Linda Kim HONG KONG, August 21 -- Hong Kong protesters will rally for the release of a British consulate worker whose family said was detained during a recent visit to mainland China, as near-daily demonstrations continue in the financial hub. The "Save Simon Cheng" event is scheduled to take place on Wednesday (Aug 21) evening at the UK Consulate General in central Hong Kong. Mr Cheng, 28, was revealed to be missing on Tuesday after failing to return from an Aug 8 meeting in the border city of Shenzhen, and has not contacted his family since. There has been no public confirmation about the Cheng incident from China, which could potentially address it at a daily foreign ministry briefing on Wednesday afternoon in Beijing. Britain's foreign office said on Tuesday that it was "extremely concerned" by the report and was seeking information from the authorities in Hong Kong and the southern Chinese province of Guangdong, which includes Shenzhen. A spokesman for the Hong Kong Immigration Department and a spokesman for the Hong Kong Economic and Trade Office in Guangdong said they had no additional information on Mr Cheng's situation on Wednesday. Hong Kong police said on Tuesday that a missing person investigation was underway and that they were in close touch with Chinese authorities. Linda Kim HONG KONG, August 20 -- Hong Kong government leader Carrie Lam on Tuesday called for continued dialogue with citizens but is still refusing to address protesters' demands to fully withdraw a controversial extradition bill, two days after more than a million people took to the streets in a peaceful demonstration. "I hope (Sunday's peaceful march) is the beginning of the society returning to tranquility and staying away from violence," Lam told reporters ahead of her weekly Cabinet meeting. "We are willing to talk to the people who joined the largely peaceful rally, in hopes of narrowing our differences and finding a way out." But instead of answering to demands, including the full withdrawal of the bill that would allow fugitive transfer to mainland China and the setting up of an independent inquiry into alleged police brutality, Lam said a probe carried out by the Independent Police Complaints Council will be prolonged and dialogue with "all walks of life" will be held soon. A report by the Council is expected within six months. "I can give you this very clear commitment at the political level that the bill is dead. There is no plan to revive this bill especially in light of the public concerns," Lam said, in response to questions about her reluctance to withdraw the bill. Anthony Neoh, who heads the Council and the only government-sanctioned probe, said in a South China Morning Post report that the current impasse requires a political solution that could start with the formal withdrawal of the bill, and having a commission of inquiry at a later stage. Millions of people have taken to the streets since June in opposition to the bill, including Sunday's rally and march that organizers said drew 1.7 million people. Lam's decision to suspend the bill's legislative process and later calling it "dead," failed to quell public anger. The protesters' demands have widened to include a probe of allegations of police using excessive force on demonstrators, giving pardons to arrested protesters and democratic political reform. Pete McGee TORONTO, August 20 -- Convoys of Chinese patriots in Ferraris and other high-end sports cars have been revving up pro-Beijing demonstrations in Canada, home to tens of thousands of Chinese millionaire migrants. Drivers of luxury sports cars – which also included McLarens, Porsches and Aston Martins – waved Chinese flags, gunned their engines and honked their horns to cheers from pro-China demonstrators in Vancouver and Toronto, who were facing off against groups supporting the Hong Kong protest movement. In Vancouver, at the busy intersection of Broadway and Cambie Street, hundreds of rival demonstrators had gathered on Saturday afternoon at a major subway station. Protester Kevin Huang Yi Shuen, who supported the Hong Kong camp, watched as the sports cars repeatedly buzzed the protest scene. He said the scene was a big-money “power play” and “a way of showing force”. One black Ferrari 458 had a Chinese flag covering its bonnet, while the passenger waved another on a three-metre flagpole. It followed a black McLaren 570 with a smaller flag hanging out the window of the driver, who covered his face with his hand. A second group, whose cars included a matt-black convertible Ferrari, drew the attention of police, who spoke to the drivers after they repeatedly honked their horns. Huang said a police officer on a motorcycle chased after another car as it pulled away from the busy intersection, dragster style. Huang, executive director of the non-profit Hua Foundation, which is based in Chinatown and works with Asian diaspora youth, said he doubted if the motorists did their cause any good, if the goal was to convince undecided Canadians to support the pro-China camp. Meanwhile, in Toronto, a protest near the Old City Hall also attracted a line of supercar drivers waving Chinese flags and revving loudly. “Worst Fast & Furious movie ever,” said Stephen Punwasi on Twitter, sharing a video of the scene. Lindsay Brown, a Vancouver based community activist who was visiting Toronto, watched a white BMW M6 gun its engines on Bay Street, creating “the most unbelievable din”. The young driver pumped his fist as his passenger waved a Chinese flag. “The mood was pretty aggressive … The [Chinese] nationalists reacted enthusiastically to the revving – you can hear them whooping and whistling in response,” she said. Canada has attracted huge numbers of Chinese millionaires, under the now-defunct federal immigrant investor programme (IIP) and the still-running Quebec Immigrant Investor Programme (QIIP). Most participants of both schemes who stay in Canada end up living in Vancouver or Toronto. But many others leave the country after obtaining citizenship, federal data shows. The QIIP has an annual application limit of 1,900 families, with the Chinese quota capped at 1,235. Current figures are unavailable, but 65 per cent of the 55,000 arrivals under the QIIP from 2002 to 2012 were Chinese. When the federal IIP shut down in 2014, there was a backlog of 45,000 mainland Chinese applicants and family members in the queue, out of a worldwide total of about 60,000. The IIP and QIIP were for many years the world’s most popular wealth migration vehicles. By 2014, about 200,000 millionaires and family members had moved to Canada under the two schemes. |
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