The United States’ sanctions, a violation of free-trade principles and an example of US hegemonic policy, will backfire, Hong Kong civic groups and business leaders said on Thursday.
The so-called Hong Kong Autonomy Act was signed into law by US President Donald Trump on Tuesday, the same day that he put his signature on an executive order that ended Hong Kong’s separate trade status with the US.
In a joint statement on Thursday, 41 lawmakers in Hong Kong said the move will harm the US’ enormous business interests in the city.
The executive order and the law, which aim to create a chilling effect to coerce national security-related officials, are unreasonable and wanton interference in China’s internal affairs, the lawmakers said.
The central government and the SAR government will not bow to such blatant threats, they said.
Kennedy Wong Ying-ho, vice-president of the Hong Kong Chinese Importers’ and Exporters’ Association, agreed that US’ sanctions will backfire and harm the interests of the US as the country has been enjoying a huge trade surplus with Hong Kong.
According to the US Department of Commerce, American exports of goods and services to Hong Kong supported an estimated 188,000 jobs in 2015. The US has posted a Hong Kong trade surplus as high as US$30 billion a year, the highest among its trade partners.
“I think whatever sanctions the US has announced, they will hurt its own (companies) more than Hong Kong local companies,” said Wong, who is also a practicing solicitor.
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He said that about 85,000 US citizens and nearly 1,400 US companies have been living and doing business in the city comfortably, and they won’t be deterred by the sanctions.
Wong is confident that Hong Kong will remain a global financial hub, given its solid foundation based on multiple strengths.
Charles Li Xiaojia, chief executive of Hong Kong Exchanges and Clearing, said on Thursday that such sanctions are not welcomed by the public. Sino-US tensions will make the city’s role as a bridge between China and foreign countries and regions more important, he said. A number of people have questioned the “one country, two systems” principle ever since Hong Kong’s return to the motherland, but the reality has proved them wrong, he said, adding that the city will ride this out.
Friends of Hong Kong Association also condemned the US sanctions on Thursday.
Noting that Hong Kong affairs are purely China’s internal affairs and the US has no right to interfere, the association said the US’ new measures seriously violated international law and the basic principles of international relations.
A group of political advisers questioned in a statement the US restrictions on banks doing business with certain individuals and entities — a move the group says has seriously violated the internationally recognized principles of free trade.
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The Hong Kong Chinese People’s Political Consultative Conference (Provincial) Members Association said the act demonstrates the rise of protectionism and unilateralism in the US, and the fact that the country has been attempting to contain the development of developing countries.
In a statement posted on its social media account, the Democratic Alliance for the Betterment and Progress of Hong Kong — the largest political party in the city’s legislature — on Wednesday slammed the US sanctions as blatant meddling in China’s internal affairs, and said the move clearly showed the US’ hegemonic thinking.
