Bold Gamble
China’s decision to issue a record $411 billion in special treasury bonds in 2025 marks a significant shift in its fiscal strategy, underscoring the urgency of addressing a challenging economic landscape.
China said Thursday it “resolutely opposed” comments from G7 foreign ministers urging it to reconsider its proposed Hong Kong national security law.
The security law would ban subversion and other perceived offences in the city, which saw major pro-democracy protests last year, and Beijing says the new law is needed to restore stability.
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But critics see it as potential knock-out blow for Hong Kong’s freedoms and autonomy, and the Group of Seven foreign ministers on Wednesday urged China to reconsider the proposed security law.
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In response, senior Chinese official Yang Jiechi said at a high-level meeting with the US Secretary of State Mike Pompeo in Hawaii that Beijing’s “determination” to introduce the law was “unwavering”, according to a statement on the foreign ministry website.
“China resolutely opposes the words and deeds of the US side interfering in Hong Kong affairs and resolutely opposes the statement made by the G7 foreign ministers on Hong Kong-related issues,” Yang said, according to the statement.
Under a “One Country, Two Systems” agreement ahead of the handover by Britain, China agreed to let Hong Kong maintain certain liberties and autonomy until 2047 — including legislative and judicial independence.
The G7 ministers had called for China to “reconsider this decision” in a statement on Wednesday, saying they had “grave concerns” about the law threatening Hong Kong’s rights and freedoms.
Britain, Canada, France, Germany, Italy, Japan and the United States make up the G7.
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