Word: honge
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...explains a diplomat. "The authorities jailed or intimidated into silence almost all independent voices, and kept it that way. It gets worse around the time of 'sensitive' anniversaries like June 4 or when the National People's Congress is held, but basically it's a question of degree." (Read "Hong Kong Dissidents Get Organized...
Fredrik Fan Cheung-fung was born in Hong Kong in 1989. He did not witness the events of that restless summer; he never saw hunger strikes or tanks in the streets. But, he says, he inherited the legacy of the attack on student protesters in Beijing's Tiananmen Square that left hundreds, if not thousands, dead. Twenty years after the crackdown, just shy of his 20th birthday, Fan embarked on a 64-hour fast of his own, setting up camp outside a busy shopping center in Hong Kong's Times Square, some 1,240 miles (2,000 km) from Beijing...
...paper plates. Old men stood, chatting, occasionally raising their fists in the air. In the middle of it all stood a miniature replica of a familiar statue, the Goddess of Democracy, which Chinese art students had built - and soldiers later toppled - in Beijing 20 years before. Beneath Hong Kong's Goddess lay flowers to commemorate Tiananmen's dead. (See pictures of the 1989 Tiananmen Square uprising...
...money to buy them? Nomura found that Asia's banks are significantly underleveraged, meaning they have plenty of muscle for acquisitions. China's leverage ratio is 15.8, Hong Kong's is 14.3, India's is 11.6, South Korea's is 16.7. Having gone through rehab after the 1997 Asian financial crisis, the region's financial institutions went into the current Great Recession with robust balance sheets that they can now leverage up by acquiring the assets that Western banks are shedding. China's banks are in a particularly sweet spot. Grown fat on years of sizzling GDP growth, Bank...
...buoyed equity markets on both sides of the Pacific. In China, the monthly purchasing manager's index for manufacturing was stronger than expected, showing "for the first time that policy is really gaining traction [in China]," says Eric Fishwick, head of economic research at CLSA Asia Pacific Markets in Hong Kong. At the same time, in the U.S., data showed that personal income in April rose 0.5%, an encouraging number. On a day when General Motors, once the world's largest industrial corporation, declared bankruptcy, the Dow Jones industrial average rose 2.6%. (See 25 people to blame for the financial...