Hong Kong

Lord Sassoon Excerpts

Thursday 24th October 2019 Lords Chamber

[Lord Sassoon (Con)]

My Lords, I refer to my business interests in Hong Kong and mainland China as set out in the register. As someone involved in business in Hong Kong, I record my sadness and concern at the events of recent months. I add my condolences to all those affected by the news that 39 citizens of China died in yesterday’s appalling lorry tragedy.

Like other speakers in this debate, I condemn the violence. It has seriously threatened the well-being of the community and has taken a significant toll on the whole of Hong Kong and its international standing. I strongly support efforts to restore law and order for the greater good of the people of Hong Kong. To move forward, Hong Kong’s community needs to work together to restore the confidence of that great city and ensure the well-being and harmony of all its people.

The rule of law and the “one country, two systems” principle enshrined in the Basic Law are fundamental to the strength and stability of Hong Kong. Will the Minister confirm that the Government’s view is that “one country, two systems” has worked well over the 22 years since 1997? Will he also confirm that the Government have identified only one case in those 22 years which they believe to have been a breach of the joint declaration?

Hong Kong has become one of the world’s most successful financial and business cities and a city in which many British people and businesses have prospered since 1997. Hong Kong is Asia’s dominant equity market, and it has become the key conduit for Chinese inbound and outbound investment, including into the UK, so I urge the Government to continue to support and enhance the UK’s economic links with Hong Kong. To that end, will the Minister confirm that high priority will be given to a free trade and investment agreement with Hong Kong as part of the UK’s post-Brexit trade architecture? Will he confirm that work with Hong Kong under the UK’s global financial partnerships strategy continues to be a priority?

It will be for the people and the Government of Hong Kong to resolve the very concerning current situation, but the UK can and should play its part in supporting the prosperity of Hong Kong as a great, open trading city.