China | Politics & Geopolitics
Recent protests in Hong Kong have highlighted the creeping shift in political and economic power. At one time Hong Kong’s economy was one-fifth the size of China’s; it is now barely one-thirtieth. China leveraged Hong Kong’s international presence in the period after 1997 to accomplish much. Firstly, given that China had not yet been allowed to join the WTO, it was able to push half of its trade through Hong Kong employing is as an entrepôt. Hong Kong was also recognised as an international financial centre, which benefited kickstarting Mainland China’s economy, and allowed the Renminbi to gain traction in the financial markets…
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