Donald Trump says Hong Kong's market will 'go to hell' under China's control

US President Donald Trump said on August 13 that Hong Kong can never succeed under Chinese rule and will “go to hell” as a global financial hub. In an interview with Fox Business news, Trump said that the semi-autonomous region was better off with thousands of geniuses that ran the city as compared to Beijing which has stifled the autonomy under the national security law.

“The Hong Kong markets will go to hell. Nobody’s going to do business,” said Trump.

The United States and its allies have accused China of undermining the democratic process that has been fundamental to Hong Kong’s stability and prosperity. The foreign ministers of the ‘Five Eyes’ countries recently expressed “deep concern” over the national security law, saying that it is eroding the Hong Kong people’s fundamental rights and liberties.

Hong Kong chief executive Carrie Lam announced last month that the elections scheduled for September 6 have been postponed due to the mounting concern over coronavirus pandemic. Lam told the reporters that the postponement of the Legislative Council election was the “most difficult decision” in the last seven months, conveniently ignoring the implementation of draconian security law.

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Hong Kong elections

The ministers called on the Hong Kong government to reinstate the eligibility of disqualified candidates and urged to hold the elections as soon as possible. They emphasised that autonomy and freedoms under the “One Country, Two Systems” must be honoured, as promised by Beijing in the Sino-British Joint Declaration.

Amid deteriorating Sino-US relations, China’s Vice Foreign Minister Le Yucheng said that Beijing needs to keep its relationship with Washington on the right track and prevent from getting derailed. In an interview posted on China’s Foreign Ministry website, Le said that the differences between the two countries should be handled with a rational and pragmatic attitude.

“The next few months will be critical. We must stay focused without being swayed by any extreme forces, keep to the right direction of the bilateral relationship, and prevent it from spiralling out of control or getting derailed,” said the minister.

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