Beijing passed the Hong Kong National Security Law right before the 23rd anniversary of the handover. This is for both symbolic and practical reasons.
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Chinese banks have become less vulnerable than three years ago thanks to Beijing’s de-risking efforts since 2017.
The Pompeo-Yang meeting is an attempt by Beijing at managing U.S.-China relations from further deterioration, but it will not de-escalate the conflict.
Beijing has expedited local leadership rejuvenation by doubling the number of provincial vice governors under the age of 50
Chinese economy continued its recovery in May as all activity indicators improved from April, although the pace was slower than expected. The People’s Bank of China (PBOC) did not think it was problematic as it kept policy rate unchanged for the second straight month.
China’s Hainan province announced a free trade port reform plan, the biggest market liberalization experiment by Xi’s administration by far.
China rates have jumped significantly from the bottom as the PBOC stopped cutting policy rates and the economy continued to recover.
It is unlikely for Washington to end its other “special treatments” for Hong Kong because it hurts the Americans even more.