♠ Posted by Emmanuel in China
at 4/23/2020 04:47:00 PM

To paraphrase Sting, don't stand so close to Xi...or get a credit rating downgrade.
Apparently, the rating agency Fitch does not think much of the "one country, two systems explanation for Hong Kong's existence alongside the PRC. If you are a Hong Kong civil servant, the logic Fitch used would be especially dismaying since their rationale for downgrading your special administrative region was "guilt by association". Was it a fair process through which HK was downgraded from AA to AA-? If you ask me, no. Here's what Fitch had to say:
The anti-government protests, which grew increasingly violent in late
2019, appear...