Letters | Easing travel to mainland China is a milestone for inclusivity

Readers discuss the new travel permits for Hong Kong permanent residents, trading during typhoons, and Dogecoin’s prospects

Hong Kong economy

Letters

Published: 11:30am, 8 Jul 2024

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The central government’s announcement of mainland travel permits for non-Chinese permanent residents of Hong Kong and Macau is a significant milestone in fostering more connectivity and inclusivity within the region. Effective July 10, the new policy will allow non-Chinese Hong Kong permanent residents to travel to the mainland for short-term purposes such as investment, family visits, tourism, business and seminars. The permit, valid for five years, allows multiple entries and stays of up to 90 days.

Historically, ethnic minorities in Hong Kong, despite being permanent residents, have faced considerable challenges in obtaining visas to enter the mainland. The new permit simplifies the process and recognises non-Chinese permanent residents’ contributions to the city’s development.

This policy also aligns with the Greater Bay Area initiative, encouraging foreign talent to engage more deeply with burgeoning opportunities on the mainland. The world-class cities of the Greater Bay Area have immense potential for business, innovation and collaboration. The new travel permit will enable international talent to participate more actively in the growth of the region.

This inclusive measure is consistent with Hong Kong’s diverse, cosmopolitan ethos. It highlights the central government’s commitment to the unique “one country, two systems” framework and Hong Kong’s role as an international city, providing global companies and talent with a compelling reason to consider Hong Kong as a strategic base for operations.

Additionally, the facilitation of “northbound” travel complements other recent initiatives aimed at promoting the “southbound and northbound” flow of talent. These efforts include the Greater Bay Area “southbound” exit endorsement for talent to Beijing and Shanghai, the extension of the period of stay in Hong Kong for business visits, and the introduction of the “northbound” multiple-entry visa. Together, these measures create a robust framework for the seamless movement of talent, further integrating Hong Kong into the national development narrative.

Ethnic minorities in Hong Kong are very happy and thankful to the central and Hong Kong governments for this support, which enhances their mobility and strengthens their ties with Hong Kong and the mainland.

Muhammad Fakhrul Islam Babu, general secretary, China Bangladesh Friendship Center

Circuit breakers needed during typhoon trading

The recent decision to allow trading to continue on the Hong Kong stock exchange during severe weather, while understandable, does raise the question of market liquidity, which is already lacking, and the effect on prices at these times.

Maybe the introduction of circuit breakers during these trading periods should be considered to prevent algorithmic trading systems creating exceptional moves.

Duncan Hancock, Lamma Island

Dogecoin may be down, but it’s not out

Finding the best price at which to invest in cryptocurrency is always tricky. On the winter solstice in 2022, I was lucky to be able to buy a bitcoin for under US$17,000. Wondering if I could repeat the Midas touch on the summer solstice, I bought 10,000 Dogecoins.

Dogecoin is like a flower which blossoms once every four years. The last time Dogecoin jumped to a historical high of US$0.74 was in May 2021. Now it’s worth less than 20 per cent of that.

Hitting on the best price to buy involves gut instinct, but as long as you can ensure principal protection, as investment tycoon Warren Buffett advises, you should be OK.

While some express concern about there being no ceiling on the number of Dogecoins available on the market, we have also long lost track of the supply of US dollars as the Federal Reserve no longer reveals its M3 figures.

I don’t care if my Dogecoins can be used to buy a McDonald’s breakfast or a Tesla SUV. However, it makes economic sense for people in countries like Argentina to convert their diminishing currencies into Dogecoin.

I may have to wait for some time before Dogecoin surges again. But with a growing number turning to bitcoin instead of precious metals, the need for cryptocurrency legal tender is becoming clear.

Wei Jingui, Chongqing