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The Debt of the Republic of China
Hong Kong was and still is in extricably linked to UK capital markets. To give Hong Kong back to China would have been basically deflating that great prize. And so to be clear, these bonds are essentially debt created by the Republic of China government,. They defaulted on their debt because of the Japanese invasion. Now you say the Chinese Communist Party is responsible for that debt for that default. Well, yes, because they're the successor government. In China's case, the Americans have allowed them uniquely to engage in American capital markets.