HONG KONG - Hong Kong will continue to do well despite the US sanctions because it has the backing of the central government, Convener of the city’s Executive Council Bernard Chan told China Daily.
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Chan, also a deputy to the National People’s Congress, said whatever the US has hurt its own interests by imposing sanctions on Hong Kong and mainland officials.
The veteran business leader said he has spoken to many US companies that are based in Hong Kong.
In a one-on-one interview on Friday, Chan said that what really concerned many of 1,300 US companies in Hong Kong is not the city’s new National Security Law, but the sanctions by the US.
“They are actually not worried about the National Security Law (for Hong Kong). Because why should they worry about it? I mean, they're here to do business. They are not interested to promote separatism. They're not interested to subvert State power,” Chan said.
Chan said that what really concerned many of 1,300 US companies in Hong Kong is not the city’s new National Security Law, but the sanctions by the US
Instead, they are more concerned about the US actions, as for many of the US financial companies, their clients are citizens of Hong Kong and the Chinese mainland, he added.
The US on Friday imposed listed 11 officials as under sanctions and barred from financial dealing in the US hours after Chan talked to China Daily.
In his opinion, all this rhetoric about sanctioning the Hong Kong government and or Chinese companies is certainly not helpful.
“I already have quite a few friends in business asking me whether it is still okay to invest in the US. So they might consider choosing other places to invest,” Chan said.
Hong Kong, sandwiched between disputes between China and the US, will be impacted but it may gain at the same time, he said.
Hong Kong Executive Council convener Bernard Chan talks to China Daily during an interview in Hong Kong, Aug 7, 2020. (PARKER ZHENG/CHINA DAILY)
“Chinese mainland corporations in the US that are forced to leave and return to China or Asia may choose Hong Kong as the place for IPOs (initial public offerings), and the same for Chinese (research and development) talents,” he explained.
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The hostility against Chinese companies and Chinese scientists and researchers in the US is driving them back to Hong Kong, he said.
“The persecution of Huawei and TikTok shows that the US is targeting business entities, aggravated by the arrogant closure of the Chinese consulate in Houston,” he observed.
“I think it is still in the best interest for everyone to see a healthy relationship between the US and China,” Chan said.
But he again warned that if the US continues to adopt these policies then Hong Kong is not afraid as “we have China behind us”.
