Hong Kong News Hub: After US newspaper accuses Wall Street execs of ‘kissing John Lee’s ring,’ Hong Kong gov’t slams ‘biased’ editorial

The Hong Kong government has slammed a Wall Street Journal editorial as “biased,” after the newspaper described top US financial executives as “kissing John Lee’s ring” by attending an upcoming investment summit in the city.

The editorial titled “Wall Street Kisses John Lee’s Ring” contained “flawed” remarks which amounted to an attempt to besmirch Hong Kong’s law enforcement actions, the city’s no.2 official Eric Chan wrote in a letter to the US business newspaper dated Thursday.

Chief Secretary Eric Chan on October 25, 2023. Photo: Kyle Lam/HKFP.

“We strongly oppose the biased nature of, and flawed remarks in, your editorial board’s piece of October 29 about the Global Financial Leaders’ Investment Summit and Hong Kong at large,” Chan wrote.

The article said the US saw Chief Executive John Lee as a “pariah,” and barred him from attending the Asia-Pacific Economic Cooperation (APEC) CEO Summit to be held in San Francisco between November 14 and 16.

Lee, who is currently under US sanctions over his role in the 2019 extradition bill protests, said he was personally invited to the summit but could not attend due to “scheduling.” Financial minister Paul Chan will attend instead.

The US has not given a direct answer to whether Lee was personally invited.

‘Kiss his ring’

The WSJ editorial pointed to the Global Financial Leaders’ Investment Summit to be held in the city next week and some of the attendees unveiled by the Hong Kong government. They were Morgan Stanley Chairman and CEO James Gorman, Chairman and CEO of Goldman Sachs David Solomon, president and COO of Blackstone Johnathan Gray, Citigroup CEO Jane Fraser, and Franklin Resources president and CEO Jennifer Johnson.

Chief Executive John Lee meets the press after announcing 2023 Policy Address on October 25, 2023. Photo: Kyle Lam/HKFP.

“[V]arious and sundry Wall Street grandees are coming to Hong Kong to kiss his ring,” the article read.

The article also mentioned Lee’s plan to pass Hong Kong’s own security legislation next year, as well as a Hong Kong student studying in Japan who pleaded guilty in a sedition case. Those were “effort[s] to crack down on speech,” the editorial read, adding the Hong Kong government’s request for a documentary on jailed media tycoon Jimmy Lai to be removed from YouTube showed that it was “actively seeking the help of foreign companies to suppress speech they don’t like.”

“We can see why Mr. Lee is keen to have high-profile CEOs come to Hong Kong to reinforce the party line that it’s business as usual. But we don’t see why these CEOs would risk their reputations for a sanctioned Mr. Lee and an increasingly unfree Hong Kong,” the article read.

Chief Secretary for Administration Chan wrote in his letter to the newspaper that law enforcement actions in Hong Kong were based on evidence and strictly in accordance with the law. The Hong Kong government was “appalled” by the newspaper’s failure to recognise the city’s constitutional responsibility and practical needs to enact Article 23 of the Basic Law, he wrote.

“Your attempt to smear our law enforcement actions is contemptible,” Chan’s letter read.

National and Hong Kong flags decorate Tsim Sha Tsui, in Hong Kong, on October 1, 2023. Photo: Kyle Lam/HKFP. — Chinese national and Hong Kong SAR flags. File photo: Kyle Lam/HKFP.

Chan added the Beijing-imposed national security law had restored social stability to the city and renewed investors’ interest in the local market. Almost HK$660 billion was raised through IPO funds in the two years after the security law was passed, while Hong Kong’s asset and wealth management business amounted to US$3.9 trillion by the end of last year.

The city was also the largest hedge fund hub in Asia and the second-largest private equity hub as at the end of September this year, the official wrote.

“All these fully demonstrate the global investment community’s confidence in Hong Kong,” Chan wrote.

Beijing inserted national security legislation directly into Hong Kong’s mini-constitution in June 2020 following a year of pro-democracy protests and unrest. It criminalised subversion, secession, collusion with foreign forces and terrorist acts – broadly defined to include disruption to transport and other infrastructure. The move gave police sweeping new powers, led to hundreds of convictions amid new legal precedents, whilst dozens of civil society groups disappeared. The authorities say it restored stability and peace to the city, rejecting criticism from trade partners, the UN and NGOs, despite an overall rise in crime.