NEWS: Fitch downgraded Hong Kong's credit rating

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Chen pointed out that despite the social events in Hong Kong in the past few months, he did not agree with Fitch and therefore questioned the effective implementation of "one country, two systems" in Hong Kong.
Chen Maobo pointed out that since the return, practice has fully proved that the Basic Law has provided a solid guarantee for the implementation of "one country, two systems" and the maintenance of prosperity and stability in the Hong Kong Special Administrative Region. The SAR Government will continue to firmly implement the principle of "one country, two systems" and abide by the provisions of the Basic Law, which is the most important foundation for the sustainable development of Hong Kong's society and economy.
Chen Maobo said that social events in the past few months have not affected Hong Kong's core competitiveness, including free access to capital, goods, information and talent; a simple low tax system; a sound regulatory system; the rule of law and judicial independence; and high-quality professional services. The SAR Government respects the freedom and rights of citizens to speak, assemble, March and demonstrate peacefully. It has always called on citizens to express their views peacefully and orderly and to reject violence. The HKSAR Government has also put forward practical actions and initiated dialogue with the community to find a way out for Hong Kong.
Chen pointed out that Fitch's comments were purely speculative and lacked justification. The increasingly close economic and financial links between Hong Kong and the Mainland should not be a constraint on Hong Kong's credit rating. On the contrary, this is a positive driving force for Hong Kong's long-term development. Businesses generally agree that the deepening economic and financial links between Hong Kong and the Mainland will bring us tremendous opportunities for economic development.


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