[Hong Kong News]Hong Kong stocks fell after Li Qiang’s report, and successive prime ministers left golden quotes that became popular; Hong Kong PMI’s consecutive declines accelerated Beijing’s urgent summons of lawmakers back to Hong Kong to deal with it | Li Qiang | Hong Kong stocks | Golden quotes | PMI | S&P | Macau | 23 items | Li Jiachao | Liu Mengxiong | Chen Jialuo

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Hong Kong stocks took a hit after Premier Li Qiang’s report on March 5, with the opening of the second session of the 14th National People’s Congress setting the economic growth target for 2024 at around 5%. However, the report failed to boost Hong Kong stocks as expected, leading to a decline of up to 500 points.

Li Qiang’s report during the National People’s Congress emphasized the implementation of consistent policies such as one country, two systems, and support for Hong Kong and Macao to participate in the construction of the Greater Bay Area. Commentators noted that Beijing’s policies have not been effective in addressing the economic challenges facing China.

Following the government work report, Hong Kong stocks continued to fall, hitting a low of 16,095 points. The Hang Seng China Enterprises Index and the Hang Seng Technology Index also reported declines. The “Two Sessions” of the National People’s Congress and the Chinese People’s Political Consultative Conference were expected to announce measures to stimulate the economy, but now the outlook seems uncertain.

The Prime Minister’s press conference, a highlight of the Two Sessions, was unexpectedly canceled for the next few years, raising concerns and questions among Hong Kong political figures. Analysts speculate that Beijing’s lack of transparency and new policies may lead to further doubts and negative associations.

In addition to the stock market woes, Hong Kong’s PMI dropped for the second consecutive month, highlighting ongoing challenges in the business environment. Meanwhile, Macau ranked fifth in the world for per capita GDP, outperforming Hong Kong in wealth rankings.

Amidst these economic challenges, Beijing has called for a swift return of Hong Kong Legislative Council members to handle the urgent legislation on Article 23 of the Basic Law. The rushed legislation has raised concerns among politicians and analysts, with fears of impacting foreign investor confidence and further destabilizing Hong Kong’s future.

As Hong Kong navigates through these economic and political uncertainties, the Voice of Hope continues to provide a platform for truth and hope in China. Join us in the fight against CCP deception and help bring change to China.