The Chinese Foreign Ministry said in a statement on Wednesday that Washington was misleading companies about the situation in Hong Kong. The United States wants to threaten China by criticizing national security law in the semi-autonomous region. The White House is preparing to warn companies about the new arbitrary law in the city.
Why is this important?The economic changes to the National Security Act, a legitimate jacket imposed by Beijing in the Hong Kong Special Administrative Region last year, are beginning to be felt. Washington will no longer warn US and other international companies before bringing their business to the metropolis. Beijing is angry.
The United States wants to damage the image and business environment of the Hong Kong Financial Center by assessing national security law, the Chinese Foreign Ministry said in a statement on Wednesday.
Since the adoption of the controversial law, Hong Kong has become “safer and more stable”, according to the Chinese government. Washington will have “bad intentions” to criticize Hong Kong. The United States wants to attack China’s economic growth, the statement said. But is that statement correct?
Freezing assets and bullying the van of ambitious Chinese companies
In reality, however, the National Security Act has caused the opposite effect to “security and stability” in Hong Kong. The law theoretically prohibits activities related to “subjugation, terrorism, secession and foreign alliance.” But in practice, the definition of those terms is often misused by activists and journalists by the Chinese and Hong Kong governments.
For example, at the end of June, the assets of the pro-democracy newspaper Apple Daily were frozen, forcing the company to close its doors. Dozens of activists, including Apple Daily founder Jimmy Loy, have been sentenced to life in prison under the guise of a security law.
The balance is not over yet. The Chinese government’s crackdown on Hong Kong technology companies that have invited IPOs abroad has already raised eyebrows among Western investors.
Recently, American technology companies have also been targeted in the city. The proposed extension of Hong Kong’s privacy laws threatened to force Facebook, Twitter, Google and parent company Alphabet to leave the city.
The Chinese government will access important data
However, the future of Hong Kong, once one of the busiest trade-free ports in the world, does not look rosy. The White House will warn US companies of the dangers of doing business in Hong Kong starting this week.
One of the biggest dangers is the Chinese government’s ability to capture sensitive data stored in Hong Kong. Writes Bloomberg News Agency.
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