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The Trump administration has started a
global tariff war with the rest of the world. Every industry will suffer – including banks, which will probably have a lot of loans to write down. They have their protocols, so let us not fool ourselves that they will be able to help their clients much in a crisis.
In mainland China, there are “policy banks” – state-owned financial institutions tasked with carrying out government directives – that help businesses. The Export-Import Bank of China, the Agricultural Development Bank of China and the China Development Bank have helped many mainland businesses flourish offshore and onshore.
Hong Kong has no such bank. Isn’t it time to establish one or two to provide help in rainy days such as these? After all, the government established the Hong Kong Investment Corporation Limited in 2022 to enhance the long-term competitiveness and economic vitality of Hong Kong. Surely we need a policy bank to enable Hong Kong businesses to weather the storm caused by the tariff war.
Joseph Chan, founding partner and principal director, Oriental Patron Financial Group
US students will bear brunt of Education Department cuts
While US President Donald Trump’s
executive order to dismantle the federal Department of Education won’t succeed in shutting it down completely without congressional approval, the administration’s efforts to shrink the department are proceeding apace. As a teacher, I am concerned about the detrimental impact on US students.
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