Dissident Chinese author Ma Jian hit out at threats to freedom of speech Saturday saying it was the "basis of civilisation" after a struggle to find a venue to host his talks at Hong Kong's literary festival.
The venue battle fuelled growing concerns that semi-autonomous Hong Kong's freedoms are fast disappearing under an assertive Beijing.
Mr Ma, whose books are banned in mainland China, is due to promote his latest novel "China Dream" at two speaking events Saturday.
The title plays on Chinese President Xi Jinping's rhetoric of national rejuvenation and is described by publisher Penguin as "a biting satire of totalitarianism".
"Self-censorship is nothing wonderful and we have to have the courage to break that," he told reporters Saturday morning at a press conference at the new Tai Kwun arts centre, which hosts the Hong Kong International Literary Festival and had originally cancelled his talks.
The venue reinstated them at the eleventh hour Friday after a replacement location also dropped out.
Mr Ma, 65, said Tai Kwun's last-minute change of heart showed that "self-censorship had failed".
"The freedom to speak is the basis of our civilisation," he added.
"We have to safeguard our freedom of expression. We have to safeguard our civilisation."
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He agreed freedom of speech in Hong Kong was shrinking and that people felt a "lack of security" but said the attention given to the cancellation of his talks and the reversal of the decision had unified people and could be the "beginning of change".
Mr Ma, who lives in London and is a British passport holder as well as holding Hong Kong residency, said he had informed his local MP that he was coming to Hong Kong and they had told the British foreign ministry.
"I know that they would protect me if I ever disappeared and would look for me," he said.
"This is what I can do in a democratic country."
Tai Kwun's director Timothy Calnin said Thursday it had cancelled Ma's talks because it did not want to be "a platform to promote the political interests of any individual".
Backtracking Friday, Mr Calnin said public statements by Ma had clarified he would not use the venue to "promote his personal political interests".
Mr Ma had said from the beginning of the row that he is a novelist, not a politician.
"If anybody separates the political elements from other things in novels, that only shows the ignorance of that person," he told reporters.
He added that the fact he had entered Hong Kong freely after concerns he would not be allowed in made him think the government had not been involved in the two venues' decisions to bar him.
Literary festival organisers said they could not comment when asked by reporters Saturday for more detail on the reasons Tai Kwun had given them for the original cancellations and the backtrack.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Copa del Rey
Barcelona v Real Madrid
Semi-final, first leg
Wednesday (midnight UAE)
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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UAE currency: the story behind the money in your pockets
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4.35pm: Tilal Al Khalediah
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7pm: Flood Zone
7.40pm: Straight No Chaser
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