In late 2002, former Chinese premier Zhu Rongji visited Hong Kong and sought to put steel in the spine of the city’s establishment that was floundering under an economic slump and a ballooning deficit.
“Even if you spend all your fiscal reserves three years from now, what is there to fear?” he asked his dinner guests at Government House in a famously unscripted speech.
“If you issue 50-year long-term Hong Kong bonds on the mainland, I will be the first in line to buy them. I believe the mainland…
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