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Aug. 15th, 2020 08:51 am![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
timeletsHONG KONG—China’s Commerce Ministry said it would expand a pilot program for its digital currency to include a number of large cities, advancing a pioneering initiative by a major central bank to launch an electronic payment system.
The digital currency pilot program will cover much of China’s most prosperous regions, the Commerce Ministry said Friday: the capital Beijing and nearby Tianjin and Hebei province in the north; the Yangtze River Delta to the south; and, along China’s wealthy southern coast, Guangdong province and the neighboring cities of Hong Kong and Macau.
https://www.wsj.com/articles/china-to-expand-testing-of-a-digital-currency-11597385324
Attempts to arrest or even contain China's technology advances in financial services will prove to be futile. They are moving rapidly in a wide-open field with a clear mission to own the next generation transactions system.
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Date: 2020-08-15 04:15 pm (UTC)Q I would like to ask your opinion about what recently happened in Hong Kong, the recent attack on press freedom in Hong Kong. And Jimmy Lai was arrested; his newsroom was raided. How will the U.S. respond to this?
THE PRESIDENT: Well, I think it’s a terrible thing. But one thing that we have done — you know, we gave tremendous incentives to Hong Kong because of freedom. We want freedom. And we were giving tremendous economic incentives to Hong Kong. And we have now withdrawn all of those incentives, and it will be impossible for Hong Kong to compete with the United States with respect to that. It just won’t be, because we’ve taken all of the incentives away. <...>
We’ve now withdrawn all of those incentives. It’s going to be very hard for Hong Kong to compete. And I will tell you that the United States — and I say this from any standpoint you want to hear it — will end up making a lot more money because of it. Because we lost a lot of business to Hong Kong. We made it very convenient for people to go there, for companies to go there. We’ve withdrawn all of that. And the United States will be a big beneficiary from an economic standpoint, but I hate to see what happened to Hong Kong because freedom is a great thing.
https://www.whitehouse.gov/briefings-statements/remarks-president-trump-press-briefing-august-13-2020/
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Date: 2020-08-15 08:55 pm (UTC)