Citing sources, the South China Morning Post reports that the Standing Committee of the National People’s Congress (NPC) will hold an additional interim meeting next Wednesday through Friday (20-22), and will add Hong Kong issues to its agenda, including a proposal to introduce a bill to ban BNO passport holders from holding public office. Another proposal is that passport holders lose their right to vote in Hong Kong elections. In addition, according to a new report by the Bank of America, it is estimated that the migration of Hong Kong people to the UK this year will result in a capital outflow of up to HK$280 billion from Hong Kong.
The agenda of the NPC meeting so far is still no Hong Kong issues, only the Marine Police Act, animal epidemic prevention law, wetland protection law and other issues, but the Standing Committee has the right to add insert. Sources told South Morning that even though the three-day meeting may not have an immediate decision on Hong Kong issues, but is expected to join the discussion, including the prohibition of BNO passport holders to hold public office in Hong Kong. Another proposal is to make passport holders lose their right to vote. The sources believe that the former is more appropriate and has a legal basis; as for the latter, officials are still divided on it. The source said that even if the NPC Standing Committee discusses the issue, it may not be immediately resolved.
The report also quoted sources as saying that the NPC meeting next week may also address the issue of Hong Kong’s electoral system and suggest amendments. Reuters earlier quoted Beijing officials as saying that the central government is considering amending the Hong Kong Legislative Council election system to prevent the democratic camp from gaining a majority of seats in the Legislative Council, and that the Legislative Council election, originally scheduled for September 5 this year, may be postponed again. The report also pointed out that the Chinese side is studying to change the system of the Chief Executive Election Committee, describing the “reform” will “shake the entire political foundation”.
In addition, Phoenix TV recently published an interview with Secretary for Security Li Ka-chiu, Li was asked about the recent proposal that the Central Government should strictly enforce the Chinese Nationality Law, which prohibits foreign Hong Kong people from dual citizenship and giving up their right to vote in Hong Kong, Li responded that BN(O) is only a “travel document” and will not enjoy any consular protection. Position attitude is clear. “Of course, this time the British government to do something contrary to the practice of the time said, the BN (O) processing methods changed, the issue of nationality, is the central authority, this is a serious issue,” and refers to the Ministry of Foreign Affairs has repeatedly issued a statement on this. Li Jiachao finally said, “If the central government for example, BN (O) attitude and treatment of any decision, the SAR government of course actively cooperate.”
On the impact of BNO holders migrating to the United Kingdom on Hong Kong, a new report by the Bank of America estimates that the migration of Hong Kong people to the United Kingdom this year will result in as much as HK$280 billion in capital outflow from Hong Kong. The British government announced earlier that it would accept applications for five-year visas from BNO holders in Hong Kong from the 31st of this month, and successful applicants can study and work in the UK, and dependent relatives of BNO holders can also apply, but must usually live in Hong Kong. A report by the Home Office last year predicted that 153,300 Hong Kong people will come to the UK in 2021. The number of immigrants may be as high as 321,600 in five years, calculated from last January.
Bank of America also estimates that these Hong Kong people will have a total outflow of HK$580 billion in five years.
Bank of America strategist Chun Him Cheung was quoted as saying that the outflow would not affect Hong Kong’s interest rates in the short term as liquidity remains strong due to low global interest rates.
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