One City, Two Systems

Lee addresses over 200 financiers without a mask

The Global Financial Leaders' Investment Summit has kicked off just as Typhoon Nalgae approaches Hong Kong to cause the observatory to raise the T8 signal; all the top bankers are ensconced in the ballroom of the Four Seasons Hong Kong -- sans masks.

Practically no one attending the event is wearing a mask when anyone else outside the ballroom must wear one. And even Chief Executive John Lee Ka-chiu was maskless in the room. 

Fang says investors should not bet against China

Such is the double standard of the Hong Kong government in its desperate bid to tell the world the city is open for business.

"Don't bet against China," said Fang Xinghai, a vice chairman of the China Securities Regulatory Commission in a recorded message for more than 200 top financiers. 

"International investors [should] find out what is going on in China by themselves, and don't bet against China and Hong Kong."

Guess Fang couldn't make it in person to Hong Kong because it's so troublesome to return to the mainland? And how can foreigners go to China to see for themselves with such extreme Covid-19 measures? 

"As President Xi Jinping underscored during the 20th party congress, China's doors can only [open] bigger, and Hong Kong will play a very important role in the overall opening of China's economy and Chinese financial sector."

Only hotel staff wearing masks in the room

Also Fang's boast that China's doors can only open "bigger" going forward is akin to a pie in a sky, pigs can fly kind of notion. Xi did not mention anything about opening up anytime soon or focusing on the economy.

Fang even had the gall to say international media don't understand China very well so investors shouldn't read too much into it.

Wonder what the few foreign journalists left in China, like the BBC's Stephen McDonnell has to say about that.

Perhaps just as bad were some bankers lining up to prove they've drunk the Kool-aid.

UBS Group AG chairman Colm Kelleher was reported by Bloomberg as saying he doesn't read the American press and is "very pro-China." 

"We actually buy the story, but it's a bit waiting for Zero-Covid to open up in China," he said.

Kelleher claims to be "very pro-China"

He's insinuating they are literally waiting at China's doorstep for them to twist the door knob and open the door...

With China's economy floundering, and the banking and property sectors on shaky ground, foreign bankers are still bullish on China? Seriously?

Shows how much they love money more than anything else.

They may have to wait a while longer... possibly 2025?