In reality, every victory of the Hong Kong government's counterattack has been accompanied by an element of luck.
The Financial Secretary is the one who issues orders, while the Hong Kong Monetary Authority (HKMA) is the one who carries out the specific operations. Therefore, as the Chief Executive of the HKMA, Tu Hsing-chih is more aware of the pressure involved.
At this point, Chen Dong pressed on, asking, "What are your advantages compared to international hedge funds?"
Ultimately, Hong Kong is caught in a pincer movement between the free market and government intervention. The authorities neither want to remove this label nor allow the general public to lose their means of livelihood.
If the government intervenes, Hong Kong will inevitably face criticism from political and economic figures around the world, and they will extend this criticism to the mainland, questioning the mainland's attitude towards Hong Kong.
Politics and economics are inseparable; the success of Hong Kong's economic development is also a basis for outsiders to evaluate the mainland. Moreover, Hong Kong has just returned to China, leaving plenty of room for maneuver.
But if they don't intervene, does the Hong Kong government have much confidence in winning against the hard-earned international hedge funds?
If the Hong Kong dollar falters and experiences a continuous devaluation like the Thai baht and peso, how will they explain this to the people of Hong Kong?
This is the core of their dilemma.
Chen Dong seized the opportunity to remind everyone, "In fact, international speculators are just a few pests; the assets of Hong Kong citizens are the lifeblood of the stock market."
"If Hong Kong is unwilling to relinquish its free market status, I can take over the official duties for that title," Chen Dong reiterated.
Du Xingzhi tilted his head, wanting to discuss it further with Yang Fugui.
However, Yang Fugui is now in a state of extreme mental exhaustion.
On the one hand, like the Chief Executive of Hong Kong, he is unwilling to lose the label of a free market. On the other hand, as the Financial Secretary of Hong Kong, he has adhered to the existing rules for so many years. Breaking the rules now during the stock market turmoil may not be a good thing.
However, to allow private capital to work for the Hong Kong government... this is almost unprecedented, and it's outrageous.
Even when they mobilized the four major families to protect the market, it was just a mobilization and appeal, not a real cooperation.
Seeing that the two remained silent, Chen Dong continued, "I will invest this HK$100 billion in the Hong Kong stock market for long-term investment. This money is enough to buy 3% to 4% of the total number of Hong Kong stocks, and during the holding period, I will not allow these stocks to flow into the secondary market."
"How long?" Du Xingzhi asked subconsciously.
"5 years."
Chen Dong said coldly, "If the Financial Secretary still wants to bargain, then there's no need for us to continue discussing this."
"Director Yang, you should also know that this money directly solved Hong Kong's urgent problem, and apart from me, even the four major families would not raise such a large sum of money for the Hong Kong government."
Seeing that his superior did not speak, Du Xingzhi said in a consultative tone, "Five years is definitely not going to work. How about we compromise and make it two and a half years?"
Chen Dong chuckled and said, “President Du, this money is my own money. I have my own plans. As long as I don’t disrupt the Hong Kong government’s operations and stabilize the major sectors such as agriculture, forestry, fisheries, and public utilities, I will be doing the Hong Kong government a great favor.”
Du Xingzhi shrank back guiltily.
Chen Dong added helplessly, "Three years, at least three years."
......
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