Skip to main content

On China: from Securities Regulation to National Identity 談中國:由證券規條說到國民身份

Earlier this week I attended a two-day lawyers’ conference at a hotel in Admiralty. The annual event brought together in-house counsel and private practitioners across Asia to discuss the latest regulatory issues and capital markets developments. Most non-lawyers would rather get a rectal exam than go to one of these things.

Lawyers' conference

This was my third year at this particular conference. While a majority of the attendees were expat lawyers based in Hong Kong, there was no shortage of legal professionals flying in from Singapore, Shanghai, Seoul and Mumbai. The fact that the event takes place in Hong Kong year after year is evidence that our city is still the leading financial hub in the region.

One of the interesting topics discussed at the conference is “Doing Business in China.” During the segment, panel speakers swapped war stories from recent transactions in the Mainland, notably those that took place during the IPO boom spurred by a relaxation of securities regulation. In the Wild Wild West of high finance in China, convoluted regulation, overlapping layers of government authorities and an unpredictable judicial system conspire to create a rough and tumble business environment that can faze even the most seasoned of bankers and lawyers.

The collective sense of frustration toward doing business in China at the conference resonated with my recent retrospection after watching a documentary series on television. The series examined the progress of reform three decades after Deng Xiaoping’s Reforms and Openness (改革開放) initiatives that opened up the country to the rest of the world. Legal scholars interviewed by the reporter lamented that, despite all the promises of political reform, little has materialized. 

Just a few months ago, President Hu Jintao (胡錦濤) made a disconcerting statement at a state event declaring the interests of the people, represented by the Communist Party, supreme in Chinese courts. The statement left little doubt that the rule of law still takes a backseat to the rule of the autocrats no matter which way you look at it.

Doing business with them is tricky

As we well know and mourn, China’s national agenda is heavy on the economy but light on political reform. The direction in which the country is heading is creating much confusion in the Mainland and Hong Kong, as citizens’ sentiment vacillates between pride and embarrassment depending on which news report they read. On the one hand, Beijing is quick to celebrate the country’s accession to the world stage, putting up skyscrapers in elite cities, sending a man to the moon and rubbing shoulders with dignitaries at G-20 meetings. 

On the other hand, China still exhibits many traits of a third world country: a totalitarian government that controls everything from overseas travels to Internet contents, a politically neutered population that views self-censorship as a virtue and a morally-bankrupt business community that poisons consumers with contaminated foods and goes unpunished because of widespread corruption.

The mounting tension between self-awareness and state control is fueling a national identity crisis in China. The crisis manifests itself through sporadic social unrests and civil movements in various parts of the country, which will increase in both scale and frequency unless the fundamental issue of political reform is addressed. I don’t know when that day will come, but the optimist in me looks forward to the day when “doing business in China” is no longer a topic of discussion at the lawyer’s conference.

Popular Posts

About the Author 關於作者

Born in Hong Kong, Jason Y. Ng is a globetrotter who spent his entire adult life in Italy, the United States and Canada before returning to his birthplace to rediscover his roots. He is a lawyer, published author, and contributor to The Guardian, The South China Morning Post, Hong Kong Free Press and EJInsight. His social commentary blog As I See It and restaurant/movie review site The Real Deal have attracted a cult following in Asia and beyond. Between 2014 and 2016, he was a music critic for Time Out (HK)
Jason is the bestselling author of Umbrellas in Bloom (2016), No City for Slow Men (2013) and HONG KONG State of Mind (2010). Together, the three books form a Hong Kong trilogy that tracks the city's post-colonial development. His short stories have appeared in various anthologies. In 2017, Jason co-edited and contributed to Hong Kong 20/20, an anthology that marks the 20th anniversary of the handover. In July 2017, he was appointed Advising Editor for the Los Angeles Review…

Seeing Joshua 探之鋒

“We are here to visit a friend,” I said to the guard at the entrance. 
Tiffany, Joshua Wong Chi-fung’s long-time girlfriend, trailed behind me. It was our first time visiting Joshua at Pik Uk Correctional Institution and neither of us quite knew what to expect.

“Has your friend been convicted?” asked the guard. We nodded in unison. There are different visiting hours and rules for suspects and convicts. Each month, convicts may receive up to two half-hour visits from friends and family, plus two additional visits from immediate family upon request.
The guard pointed to the left and told us to register at the reception office. “I saw your taxi pass by earlier,” he said while eyeing a pair of camera-wielding paparazzi on the prowl. “Next time you can tell the driver to pull up here to spare you the walk.”
At the reception counter, Officer Wong took our identity cards and checked them against the “List.” Each inmate is allowed to grant visitation rights to no more than 10 friends and fam…

What’s Killing Hong Kong Bookstores? 誰令香港的書店滅亡?

Earlier this month, Page One unceremoniously announced the closure of its megastores at Harbour City and Festival Walk, ending the Singapore bookseller’s nearly two-decade stint in Hong Kong. The news came less than two years after Australian outfit Dymocks shut down its IFC Mall flagship and exited the city.
Reaction on social media to the loss of yet another bookstore chain was both immediate and damning. While some attributed Page One’s demise to competition from e-books and online retailers, many put the blame on the lack of a robust reading culture in Hong Kong. Still others pointed their finger at greedy landlords and the sky-high rent they extort from retailers.
But what really killed Page One? An autopsy is in order to examine the cause of death of the book industry’s latest casualty.

E-books
The technorati have long prophesized the end of paper. Portable and affordable, Amazon’s Kindle and other e-readers are the physical book’s worst nightmare. But are they really?
After yea…

Join the Club 入會須知

You have reached a midlife plateau. You have everything you thought you wanted: a happy family, a well-located apartment and a cushy management job. The only thing missing from that bourgeois utopia is a bit of oomph, a bit of recognition that you have played by the rules and done all right. A Porsche 911? Too clichéd. A rose gold Rolex? Got that last Christmas. An extramarital affair that ends in a costly divorce or a boiled bunny? No thanks. How about a membership at one of the city’s country clubs where accomplished individuals like yourself hang out in plaid pants and flat caps? Sounds great, but you’d better get in line.

Clubs are an age-old concept that traces back to the Ancient Greeks and Romans. The introduction of coffee beans to England in the mid-17th Century spurred the proliferation of coffeehouses for like-minded gentlemen to trade gossip about the monarchy over a hot beverage. In the centuries since, these semi-secret hideouts evolved into main street establishments t…

Media Attention + Upcoming Events 媒體關注 + 最新動向

2017 and upcoming events and speaking engagements


Keynote speaker at Leadership & Social Entrepreneurship Program graduation ceremony co-organized by Wimler Foundation and Ateneo University Venue: TBD Date: 22 October Time: 9:00am to 1:00pm

Guest lecture at Faculty of Law, University of Hong Kong Course: International and regional protection of human rights
Topic: Universal suffrage and free expression Venue: Centennial Campus, Pokfulam Date:16 November
Time: 6:30pm

Legal workshop for foreign domestic workers at University of Hong Kong's Domestic Workers Empowerment Project (DWEP) Topic: "Understanding Hong Kong Culture" Moderator: Dr. Michael Manio Venue: Ming Wah Complex, University of Hong Kong Date: 19 November Time: 1:30 to 4:00pm

Talk at Independent Schools Foundation Academy
Topic: No City for Slow Men
Venue: Telegraph Bay, Pokfulam
Date: 30 November
Contributor to HK24 (2017 Anthology by Hong Kong Writers Circle) Release date: December

Guest speaker and prize prese…

Maid in Hong Kong - Part 1 女傭在港-上卷

Few symbols of colonialism are more universally recognized than the live-in maid. From the British trading post in Bombay to the cotton plantation in Mississippi, images abound of the olive-skinned domestic worker buzzing around the house, cooking, cleaning, ironing and bringing ice cold lemonade to her masters who keep grumbling about the summer heat. It is ironic that, for a city that cowered under colonial rule for a century and a half, Hong Kong should have the highest number of maids per capita in Asia. In our city of contradictions, neither a modest income nor a shoebox apartment is an obstacle for local families to hire a domestic helper and to free themselves from chores and errands.

On any given Sunday or public holiday, migrant domestic workers carpet every inch of open space in Central and Causeway Bay. They turn parks and footbridges into camping sites with cardboard boxes as their walls and opened umbrellas as their roofs. They play cards, cut hair, sell handicraft and p…

The Moonscape of Sexual Equality - Part 1 走在崎嶇的路上-上卷

There are things about America that boggle the mind: gun violence, healthcare costs and Donald Trump. But once in a while – not often, just once in a while – the country gets something so right and displays such courage that it reminds the rest of the world what an amazing place it truly is. What happened three days ago at the nation’s capital is shaping up to be one of those instances.

Last Friday, the Supreme Court of the United States handed down a 5-to-4 decision on same-sex marriage, the most important gay rights ruling in the country’s history. In Obergefell v. Hodges, Justice Kennedy wrote, “It would misunderstand [gay and lesbian couples] to say that they disrespect the idea of marriage. Their plea is that they do respect it, respect it so deeply that they seek to find fulfillment for themselves… They ask for equal dignity in the eyes of the law. The Constitution grants them that right.” 
With those simple words, Justice Kennedy made marriage equality a constitutionally prote…

The Hundredth Post 第一百篇

This month marks the third birthday of my blog As I See It, a social commentary on the trials and tribulations of living in Hong Kong. The occasion coincides with the 100th article I have written under the banner. Having reached a personal milestone, I decided to take the opportunity to reflect on my still-young writing career and wallow in, dare we say, self-congratulatory indulgence.

It all started in November 2008 on the heels of the last U.S. presidential election. I was getting ready to create a personal website as a platform to consolidate my interests and pursuits. To do that I needed content. That’s how my blog – or my “online op-ed column” as I prefer to call it – came into being. 
Before I knew it, I was banging it out in front of my iMac every night, going on and off the tangent and in and out of my stream of consciousness about the odd things I experienced in the city, the endless parade of pink elephants I saw everyday that no one seemed to bat an eyelid at. Though singi…