Beijing has just thrown its political and financial backing to Shenzhen in a clear slap in the face to Hong Kong. Xi Jinping gave a speech in Shenzhen this week promoting Shenzhen. As a result, Hong Kong Chief Executive Carrie Lam postponed her state of the union address, although later reporting suggested the delay was caused by the need for her to fly to Beijing to discuss the Belt and Road policy.
Overlooked in the press coverage was a document issued by the State Council for a development plan for Shenzhen. The document, publicized in the People’s Daily on October 11, shows Beijing’s strong backing for Shenzhen as a financial and economic center at the expense of Hong Kong. This policy change casts doubt on the future of Hong Kong and the viability of international banking and corporate activity there.
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