One of Beijing's cemeteries holds a dark secret. In eight graves lie urns with the ashes of young men. They died in a hail of bullets on the night of June 4, 1989, when the army put down student protests at gunpoint. The police only allow their parents and relatives to visit these graves. The massacre is taboo. In Hong Kong, the traditional candlelight service planned for today in Victoria Park has been banned, as it was in 2020. The cemetery is the only place in China where remembrance still has a public place.
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Just over a week before the anniversary of the suppression of the Tiananmen demonstrations, the state in Hong Kong is tightening control. Vigils for the victims are banned. Yet there would be plenty of reason for protests: With a highly controversial electoral law reform, the alignment of the systems is making further progress – and increasing the flight of politically interested residents of the city to the UK.
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In Hong Kong, listed companies enjoyed their best start to a year's first quarter regarding share sales so far. Because after China weathered the Covid crisis well, investors are looking for Chinese assets. The crackdown on the protest movement does not seem to be a factor in this space. Local US investment banks are also hiring massively. Parallel worlds are emerging. The US government appears to have no interest in curbing the inflow of US money for political reasons.
By Frank Sieren
Joerg Wuttke in conversation with Frank Sieren: The President of the EU Chamber of Commerce in China believes sanctions are wrong, argues for pushing ahead with the investment agreement, and sees only limited European political influence on China. While the EU should protect itself against unfair competition from Chinese state-owned enterprises, it should see competition from private companies as an incentive. The goal of the policy should be a prosperous China. At the same time, Wuttke warns Beijing not to squander its opportunities out of overconfidence.
By Frank Sieren