Biden warns US companies on Hong Kong issues


The Biden administration will warn American companies on Friday that their operations in Hong Kong face serious and escalating risks as the Chinese government increasingly cracks down on the freedom of this financial center.

The United States will issue “business advisories” on threats, from China’s ability to obtain corporate data stored on Hong Kong servers to new Chinese laws that impose sanctions on individuals or institutions that help foreign countries impose sanctions on Chinese companies and officials.

It is expected that US President Joe Biden will also impose sanctions on several Chinese officials stationed in Hong Kong.Those actions First report in the Financial TimesThis is the latest effort to counter China’s increasingly stringent measures against the democratic movement in the former British colonies.

This will also mark the first time that the US government has issued a business consultation related to Hong Kong.

Sino-U.S. relations continue to decline The first high-level meeting Fierce public quarrels broke out between the Alaska countries.

Beijing since then Leave the United States in the cold Refusing to allow US Deputy Secretary of State Wendy Sherman (Wendy Sherman) to meet with her Deputy Secretary of State during the proposed meeting in Tianjin at the end of July. Instead, China offered to meet with five-level officials of the Ministry of Foreign Affairs, but the Biden administration refused. US officials emphasized that if China changes course and provides suitable opponents, it is still possible to meet.

But the combination of business advice and sanctions may complicate negotiations. In March of this year, the United States imposed sanctions on Chinese officials before the Alaska meeting. This was the first and only high-level meeting between the two countries since Biden took office. China reacted angrily to this.

Biden’s attitude towards China is much tougher than most experts expected.He accused China of being aggressive Military activities near Taiwan, Hong Kong’s freedom has been eroded, its coercive economic behaviors around the world, and the alleged genocide of Uyghurs in Xinjiang.

The deterioration of the relationship has raised concerns in the business world, who had hoped that Biden’s attitude towards Beijing would not be as tough as his predecessor, Donald Trump.

The American business community in Hong Kong is not satisfied with the prospects of business consulting, worrying that it may trigger a backlash against American companies operating in Hong Kong.

“American companies in Hong Kong want to participate in and dialogue, rather than opportunistically,” said a person related to American multinational corporations.

Hong Kong multinational companies with offices in mainland China say that even if Hong Kong is more integrated with the mainland, they understand the risks.

“This is for political purposes in Washington. They [companies] Will wait for it to work in the system, and then we can all try to forget it,” the person said.

Follow on Twitter: Dmitry Sevastopoulo





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