SOAS University of London

SOAS China Institute

Chinese State Capitalism in Hong Kong

THIS EVENT IS ARCHIVED
Ho-fung Hung
Ho-fung Hung (Johns Hopkins University)

Date: 21 November 2018Time: 5:00 PM

Finishes: 21 November 2018Time: 6:30 PM

Venue: Brunei Gallery Room: B202

Type of Event: Seminar

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Abstract

My presentation discusses the role of Hong Kong as China’s offshore financial market amidst the rise and faltering of the China Boom, as well as its implications to the local politics and society of Hong Kong. After China’s accession to the WTO in 2001, mainland China and Hong Kong remain to be two separate members in the organization with different terms of membership. While China continues to maintain a lot of restrictions on foreign financial capital, Hong Kong’s financial sector has been fully open to the world. In the meantime, US and other developed countries treat Hong Kong as a separate entity on import-export control and capital control, offering Hong Kong free access to their markets with privileges close to those enjoyed by any OECD country. This special status of Hong Kong, conditional upon international recognition of its autonomy from Beijing under “One Country, Two Systems,” lures Chinese state companies to use Hong Kong as an offshore platform for capitalization, investment, RMB internationalization, and importation of sensitive technologies from Western countries that are banned for China. One consequence of this special status of Hong Kong is the rising economic dominance and political influence of Chinese state companies and the princeling elite associated with them. Such domination, ironically, could erode Hong Kong’s autonomy from Beijing and jeopardize Hong Kong’s special status in the world economy.

Biography

Ho-fung Hung is the Henry M. and Elizabeth P. Wiesenfeld Professor in Political Economy at the Sociology Department and Nitze School of Advanced International Studies, Johns Hopkins University, USA. He is the author of award-winning books The China Boom: Why China Will Not Rule the World and Protest with Chinese Characteristics: Demonstrations, Riots, and Petitions in the Mid-Qing Dynasty, both with Columbia University Press. His research publications also appear in Asian Survey, American Sociological Review, American Journal of Sociology, Development and Change, Review of International Political Economy, New Left Review, among others, and have been translated into eight different languages.

Organiser: SOAS China Institute

Contact email: sci@soas.ac.uk

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