sad day for Hong Kong

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sad day for Hong Kong

Post by phuketrichard » Tue Jun 30, 2020 11:01 am

China passes controversial Hong Kong security law :(
China has passed a controversial security law giving it new powers over Hong Kong, deepening fears for the city's freedoms, the BBC has learned.

Last month China announced it would impose the law, which criminalises any act of secession, subversion, terrorism or collusion with foreign forces.

The move comes after angry protests last year - sparked by another law - which became a pro-democracy movement.
https://www.bbc.com/news/world-asia-chi ... um=custom7
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Re: sad day for Hong Kong

Post by chinesetakeaway » Tue Jun 30, 2020 11:11 am

... and probably any chance of a peaceful reunification of Taiwan!
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Re: sad day for Hong Kong

Post by Username Taken » Tue Jun 30, 2020 12:18 pm

chinesetakeaway wrote:
Tue Jun 30, 2020 11:11 am
... and probably any chance of a peaceful reunification of Taiwan!
According to this Indian youtube channel, China is going to break apart just like the former USSR did.
China is made up of 7 separate countries that would be happy to break free from the CCP.

... give 'em a quick, short, sharp shock ...

https://BooksAboutCambodia.com
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Re: sad day for Hong Kong

Post by Electric Earth » Tue Jun 30, 2020 12:27 pm

Username Taken wrote:
Tue Jun 30, 2020 12:18 pm
...China is going to break apart just like the former USSR did.
China is made up of 7 separate countries that would be happy to break free from the CCP.
If only... I hope that youtube channel is right, but the CCP sure as hell wouldn't let it happen without quite a fight.
Do you think the parents of baby boomers whined so much when the boomers started changing society? And yet the whiney ones like to call young people "snowflakes." Hmm...
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Re: sad day for Hong Kong

Post by Ravensnest » Tue Jun 30, 2020 12:52 pm

I do not believe China, the US, nor many other countries being here in 500 years. But will China break apart in my lifetime (I'm 43)? probably not.
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Re: sad day for Hong Kong

Post by WineOxley » Tue Jun 30, 2020 2:19 pm

Hong Kong's best years are behind us now.

My sympathies for the citizens of HK.
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Re: sad day for Hong Kong

Post by explorer » Tue Jun 30, 2020 4:55 pm

Username Taken wrote:
Tue Jun 30, 2020 12:18 pm
According to this Indian youtube channel, China is going to break apart just like the former USSR did.
China is made up of 7 separate countries that would be happy to break free from the CCP.
The Soviet Union went bankrupt. They employed people all over the Soviet Union, and had no money to pay them. After people stopped getting paid, they decided they no longer needed to be loyal to the Soviet Union. So the Berlin wall came down, and the Soviet Union fell apart.

There were a lot of Soviet people in Cambodia during the war. There were Soviet tanks and Soviet planes. A lot of Cambodians are poor now. During the war, they were massively poorer. The Soviets were often asking the Cambodians for cigarettes.

China is not going to just decide to let those countries disassociate from it. But if Trump has his way, and can send China bankrupt, then there may be a possibility. Other things would have to happen too.
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Re: sad day for Hong Kong

Post by whatwat » Tue Jun 30, 2020 6:30 pm

There’s zero chance the USA (or any country) could make China go bankrupt and if they could it wouldn’t be in their interests to do so for many reasons that I can’t be bothered going into here (no the US can’t devalue the USD to make their massive debt China own worthless. That’s not how it works).

The US would go way before China does.
Don’t listen to Chinese whispers.
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Re: sad day for Hong Kong

Post by nemo » Tue Jun 30, 2020 6:42 pm

https://smallcaps.com.au/china-counterf ... ars-loans/
China in counterfeit gold scandal as Wuhan company uses fake bars to gain $4.1bn in loans
One of China’s largest gold jewellery manufacturers, Wuhan-based and NASDAQ-listed Kingold Jewelry, is being accused of depositing fake gold bars as collateral to obtain loans from 14 Chinese financial institutions.

The 83 tonnes of gold were purportedly valued at 20.6 billion yuan (A$4.2 billion) but many of them have turned out to be gilded copper, according to reports from Beijing.

Two New York law firms have already begun investigations into securities fraud on behalf of investors in Kingold Jewelry Inc (NASDAQ: KGJI).

The story broke after a Beijing-based website investigated complaints and then posted the news under the headline: “The mystery of [US]$2 billion of loans backed by fake gold”.

Kingold is denying it lodged fake bars with Chinese lenders such as China Minsheng Trust, Hengfeng Bank, Dongguan Trust and Bank of Zhangjiakou. The trust companies involved are largely what are known as “shadow banks”.

Fake gold used as collateral after loan defaults
The alleged scam came to light earlier this year when Kingold defaulted on loans to Dongguan Trust. The gold bars pledged as collateral turned out to be gilded copper alloy. Minsheng Trust’s “gold” bars have also turned out to be copper alloy under the gilded surface.

Much of the money borrowed was reportedly used to invest in China’s housing bubble, some of which investments obviously went sour.

Kingold bought a company called Tri-Ring that owned blocks of land in Wuhan and Shenzhen with some of the borrowed money.

Military backing helped Kingold raise money
Kingold’s controlling shareholder is Jia Zhihong, described as “an intimidating ex-military man”.

Mr Jia, who has served in the military in Wuhan and Guangzhou, once managed gold mines for the People’s Liberation Army. Kingold was originally a gold factory in Wuhan affiliated with the People’s Bank of China.

Commentaries on this breaking story argue that Mr Jia’s connections with China’s powerful army meant he could do anything he wanted, no questions asked.

In fact, a state-owned insurer covered some of the loans — but with the beneficiary being Kingold, not the lenders.

Wuhan Kingold is the largest gold processor in Hubei province.

Questions are already being raised as to whether more of China’s “hard assets” of gold simply do not exist.

This is not the first scandal of its kind: in 2016 “gold” bars issued as collateral to 19 lenders in the Shaanxi province also turned out to be adulterated – in that case, the core of the bars consisted of tungsten.

Fears are that other Chinese gold producers and jewellery makers may also be involved in similar frauds.

It is reported that the Shanghai Gold Exchange has cancelled Kingold’s membership.

Shares in Kingold fell 23.77% overnight on the news to US$0.85.
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Re: sad day for Hong Kong

Post by angsta » Tue Jun 30, 2020 9:23 pm

chinesetakeaway wrote:
Tue Jun 30, 2020 11:11 am
... and probably any chance of a peaceful reunification of Taiwan!
Yeah because that was always likely.
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