FT News Briefing Beijing’s legal force on Hong Kong, US retail, the future of higher education
May 22, 2020
China is set to push national security laws on Hong Kong, raising tensions and sparking divided reactions among locals. Meanwhile, US retailers labeled as 'essential' are experiencing significant sales growth, contrasting sharply with those struggling due to the pandemic. Higher education faces a financial crisis as institutions adapt to online learning, grappling with the loss of international student fees and questions about the value of virtual education. The interplay of politics and economics is creating a complex landscape for both regions.
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National Security Law in Hong Kong
- China is imposing national security legislation on Hong Kong, bypassing local input.
- This raises concerns about Hong Kong's autonomy under the "one country, two systems" framework.
Timing of the Legislation
- China's push for the legislation is attributed to frustration with Hong Kong protests and a perceived opportunity amidst the coronavirus pandemic.
- The upcoming Hong Kong elections, where the pro-democracy camp is expected to gain a majority, also play a role.
Retail Divide During Pandemic
- During the pandemic, "essential" retailers like Walmart and Target thrived due to grocery offerings.
- "Non-essential" retailers like Macy's, JCPenney, and Neiman Marcus faced significant losses and bankruptcies.