China’s Xi arrives in Hong Kong in his first trip off the mainland since the onset of the pandemic

China’s Xi arrives in Hong Kong in his first trip off the mainland since the onset of the pandemic


China’s President Xi Jinping, pictured on the left, looks at Hong Kong’s outgoing Chief Executive Carrie Lam as he prepares to speak following his arrival in Hong Kong on June 30, 2022, for celebrations marking the 25th anniversary of Hong Kong’s handover from Britain to China.

Selim Chtayti | Afp | Getty Images

BEIJING — Chinese President Xi Jinping arrived Thursday in the special administrative region of Hong Kong, state media said.

The trip is for the 25th anniversary on Friday of Hong Kong’s handover to China from British colonial rule.

The visit marks Xi’s first travel off mainland China since the pandemic began more than two years ago.

In a brief speech upon arriving in Hong Kong, Xi said Beijing would stick to the “one country, two systems” policy that he claimed would “ensure the long term prosperity and stability in Hong Kong,” according to an official English translation carried by state media.

The “one country, two systems” policy has allowed the Chinese city of Hong Kong to operate as a semi-autonomous region under Beijing’s rule.

Large-scale, violent protests in 2019 were initially triggered by a controversial extradition bill that many in Hong Kong claimed went against the principle of “one country, two systems.” The region’s retail sales contracted in 2019 and 2020 as protests disrupted the local economy, even before the pandemic shut Hong Kong off from foreign and mainland tourists. 

Xi said Thursday that Hong Kong overcame “severe tasks” and “a number of risks and challenges” in the last few years, without going into detail.

In a 2020 speech in Shenzhen, Xi said the mainland Chinese city should promote development of Guangdong, Hong Kong, Macao — the Greater Bay area — and enrich the new practice of “one country, two systems.'”

He did not specifically say what the “new practice” entailed. That speech commemorated the 40th anniversary of the establishment of the Shenzhen special economic zone in the southern province of Guangdong.

Xi closed his remarks Thursday by referring to his aim of building China into a greater power.

“Hong Kong will make great contribution to the rejuvenation of the Chinese nation,” he said.

Xi arrived in Hong Kong with his wife at West Kowloon railway station, according to a live broadcast Thursday afternoon on state media.

The stream showed a station filled with children and adults chanting “welcome” in Mandarin and waving the flags of Hong Kong and China.

On Friday, Beijing loyalist John Lee will begin his five-year term as Hong Kong chief executive, replacing outgoing Chief Executive Carrie Lam. Lee was the only candidate for the position in an election held in May.

— CNBC’s Su-Lin Tan contributed to this report.



Source

Micron falls more than 5% despite blockbuster earnings. Here’s what market watchers are saying
World

Micron falls more than 5% despite blockbuster earnings. Here’s what market watchers are saying

Sopa Images | Lightrocket | Getty Images Blockbuster earnings were not enough to prevent a sharp drop in Micron Technology shares in premarket trading.  The chipmaker tripled revenue in the latest quarter as results sailed past analysts’ estimates, but shares look set to fall by around 5.3% at the open as of 07:02 a.m. E.T. […]

Read More
Alibaba revenue misses estimates in December quarter as net income drops 66%
World

Alibaba revenue misses estimates in December quarter as net income drops 66%

Chinese tech giant Alibaba on Thursday reported net income had dropped 66% year-over-year, as it missed analyst revenue expectations. Here’s how Alibaba performed its fiscal quarter, ending Dec. 31, 2025: Revenue: 284.8 billion Chinese yuan ($41.4 billion), compared to the 290.7 billion Chinese yuan expected by analysts, according to data compiled by LSEG. Net income: […]

Read More
BP offloads German refinery to Klesch, boosts cost savings target
World

BP offloads German refinery to Klesch, boosts cost savings target

BP said on Thursday it would sell its German oil refinery site in Gelsenkirchen to investment firm Klesch Group for an undisclosed sum and raised its cost reduction target, in the latest move to simplify its portfolio and shore up its balance sheet. The transaction forms part of the British oil major’s $20 billion divestment […]

Read More