China bans ex-Morgan Stanley chair from Hong Kong autonomy talk
-
China banned former Morgan Stanley Asia chairman Stephen Roach from discussing Hong Kong at the China Development Forum in Beijing. Roach had planned to raise concerns about Hong Kong's future autonomy.
-
Roach criticized Hong Kong business and academic leaders at the forum for not truthfully reporting the situation in Hong Kong to Beijing.
-
Roach believes "Hong Kong is over" as an international financial center due to domestic politics, China's structural problems, and US-China tensions. He points to the 2019 extradition bill and 2020 national security law as turning points.
-
The China Development Forum was originally conceived under Zhu Rongji for open debate, but Roach says issues now cannot be discussed freely. He urges Chinese and Hong Kong leaders to allow open debate.
-
Roach warns that foreign investors are assessing risks of doing business in Hong Kong due to uncertainty over Article 23 and threats to the city’s autonomy. He warns capital outflows could intensify.