With local journalists warning of a rise in self-censorship in the face of the transition, and Beijing giving conflicting signals leading up to the handover, CPJ followed Hong Kong closely throughout the year. By year s end, however, Hong Kong s press did not seem substantially changed by the turnover, and journalists reported that they were able to go about their business with little sign of intervention from Beijing. Before the economic meltdown that sent stock markets and currencies tumbling across the region, the biggest Asian story of the year was the July 1 handover of Hong Kong to China, ending 156 years of British colonial rule. At the session, U.S. Deputy Treasury Secretary Lawrence H. Summers called the preservation of press freedom a key to a healthy economy not only for Hong Kong but for all of Asia. Summers theme became a familiar refrain as the region s once-prosperous economies faced tough reforms and calls for greater openness.
Information is at the center of what makes financial markets work.
The free flow of information through Hong Kong s media has been pivotal as the international focus on the regional economic crisis intensifies. Hong Kong is the center of both media and finance for much of Asia, and if the region is to return to economic vitality, investors and citizens alike will need accurate, timely information on which to base renewed confidence for the future.