World Washington warns of "growing risks" for businesses in Hong Kong

22:52  16 july  2021
22:52  16 july  2021 Source:   pressfrom.com

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Un ferry traverse le port Victoria à Hong Kong, le 15 juillet 2021 © Isaac Lawrence a ferry crosses the Port Victoria in Hong Kong, July 15, 2021

The United States issued a warning Friday to US companies on In the existence of "growing risks" for their operations in Hong Kong, after the establishment of restrictions by Beijing aimed at this historic financial center.

Companies should "be aware of potential risks of reputation, regulatory, financial, and in some judicial cases, associated with their operations in Hong Kong," says the warning.

"Beijing affected the reputation of transparent governance and respect for Hong Kong's individual freedoms, and broke its promise to maintain the high degree of autonomy of Hong Kong unchanged for 50 years," said the head of the American diplomacy Antony Blinken in a statement.

U.S. to sanction Chinese officials and warn companies over Hong Kong -sources

  U.S. to sanction Chinese officials and warn companies over Hong Kong -sources U.S. to sanction Chinese officials and warn companies over Hong Kong -sourcesWASHINGTON (Reuters) -The United States is preparing to impose sanctions on Friday on a number of Chinese officials over Beijing's crackdown on democracy in Hong Kong, as well as a warning to international businesses operating there about deteriorating conditions, two people with knowledge of the situation told Reuters.

"Today we send a clear message that the United States is resolved with the Hong Kongs," added the Secretary of State.

The document recognizes that Hong Kong, a former British colony retroceded to China in 1997, "retains many economic differences" compared to the rest of China, including stronger protections. Intellectual property.

, however, highlights a changing climate with the new National Security Act, including the arrest of a US citizen, John Clancey, a lawyer renowned in the field of human rights.

An increased risk also exists for private data according to Washington which denotes a lack of transparency and access to information, taking for example the closure of a popular newspaper, the Apple Daily, considered a thorn in the foot authorities.

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The warning further asserts that companies were more likely to incur US sanctions implemented in response to US worries about the human rights situation.

- "Lift a rock" -

of dozens of people, like the Jimmy Lai media magnat, as well as elected officials and pro-democracy activists, were charged on behalf of the new National Security Act that prohibits in particular the subversion.

Beijing imposed this law in June 2020 after large-scale demonstrations that asked for the safeguarding of fundamental rights promised Hong Kong before the 1997 retrocession.

Sino-American relations have greatly deteriorated in recent years. The United States has already imposed sanctions on several Chinese officials including the highest manager in Hong Kong, the pro-Beijing Carrie Lam.

The director of the Chinese business of Hong Kong and Macao, Xia Baolong, said on Friday that sanctions would have as many as "provoking our anger".

Washington is warning American firms about doing business in Hong Kong

  Washington is warning American firms about doing business in Hong Kong The US government is preparing to warn American companies about the risks of doing business in Hong Kong. © Susan Walsh/AP President Joe Biden speaks during a news conference with German Chancellor Angela Merkel in the East Room of the White House in Washington, Thursday, July 15, 2021. (AP Photo/Susan Walsh) US President Joe Biden on Thursday confirmed reports in various media outlets this week that his administration plans to soon issue an advisory to companies that will caution them of a "deteriorating" situation in the Chinese territory.

"You would not do anything but lift a rock to drop it heavily on your feet," he said.

"The long river of history has proved an incalculable number of times that victory must belong to the irreducible Chinese people!" Affirmed Mr. Xia in a speech.

Thanks to its regulation favorable to the companies, to its respect for the rule of law, and its proximity to the vast Chinese internal market, Hong Kong has become one of the main trading crossroads in the world.

Since the implementation of the new National Security Act, a growing number of international companies have announced their intention to leave Hong Kong, or to reduce their presence in employees.

A survey of the American Chamber of Commerce in Hong Kong, an independent organization of companies, says 42% of its members are thinking about leaving the city or already have to do so.


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