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Moody's downgrades Hong Kong's credit rating government: constitutional and legal status is not clear enough to question

2020-01-20T15:19:00.747Z

Moody's, a rating agency, downgraded Hong Kong's long-term credit rating from "Aa2" to "Aa3" and changed its rating outlook from "negative" to "stable". A government spokesman said that he strongly disagrees with Moody's



Financial news

Written by: Xu Shihao

2020-01-20 23:06

Last updated: 2020-01-20 23:07

Moody's, a rating agency, downgraded Hong Kong's long-term credit rating from "Aa2" to "Aa3" and changed its rating outlook from "negative" to "stable". A government spokesman said that he did not agree with Moody's assessment of the situation in Hong Kong and was deeply disappointed with Moody's decision to downgrade Hong Kong's credit rating.

Moody's is not justified in raising any questions

Moody's mentioned in the press release that the government's inability to respond to social, political or economic issues partially reflects the weaker institutional capacity than expected. The autonomy of the Hong Kong government faces more constraints under the "one country, two systems" policy. The government explained that the constitutional and legal status of the "Hong Kong Special Administrative Region" was very clear, and Moody's did not believe that it had sufficient grounds to raise any questions about this.

The government cited Articles 1, 12, and 43 of the Basic Law, saying that since the reunification, the SAR Government has strictly implemented the "one country, two systems", "Hong Kong people ruling Hong Kong", and a high degree of autonomy in strict accordance with the provisions of the Basic Law. The spokesman pointed out that in the past seven months or so, Hong Kong has faced the most severe social turmoil since the reunification. With the strong support of the central government, the SAR government "still adheres to the" one country, two systems "policy, responds to the situation in accordance with the law, and uses its own strength to curb the violence. Restore social order. "

The Government stated that social problems did not affect the institutional advantages and competitiveness of Hong Kong. (Profile picture)

`` Listen to public opinion with an open mind ''

As for the continuing social turmoil, which reflects the deep-seated problems in Hong Kong society, the government is about to conduct independent research and review on this issue. It is also actively talking with citizens of different backgrounds, political positions and age groups, listening to their opinions with an open mind, and finding a way out for society.

Measures have been introduced to improve social problems

The government explained that many of the social problems that Hong Kong is facing, including the unequal wealth, ageing population, and affordability of property prices raised by Moody's, are not unique to Hong Kong, and they have not affected Hong Kong's institutional advantages and the international financial centers, trade centers, and The core competitiveness of one of the best business places in the world, and also listed a number of tasks, such as the introduction of high elderly living allowances, increasing housing and land supply through short, medium and long-term measures; increasing the proportion of public housing to reverse the current imbalance in supply and demand And improve the home purchase ladder to meet the needs of the public.

The spokesman pointed out that the SAR Government would continue to listen to the voice of the public with an open mind, strengthen communication with the public and all walks of life, overcome difficulties and let Hong Kong start again.

Moody's downgrades Hong Kong government to Aa3, outlook stabilizes

Hong Kong's unemployment rate in December reported at 3.3% Unemployment rate in retail and other industries remained at 5.2%

Hong Kong has become the world's most difficult city to afford for 10 consecutive years.

Moody

Source: hk1

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