Government Defends Action On Parallel Traders

"); jQuery("#212 h3").html("

Related News Programmes

"); });

2019-07-14 HKT 11:34

Share this story

facebook

  • Police and protesters clash in Sheung Shui on Saturday. Photo: AP

    Police and protesters clash in Sheung Shui on Saturday. Photo: AP

The government says it has taken action to stop the activities of so-called parallel traders, a day after anti-trader protesters clashed with police in the border town of Sheung Shui.

In a statement, the administration said it had barred some 5,000 people from the mainland from entering the SAR over the past 18 months, and the Immigration Department maintained a list of 25,000 people suspected of being involved in parallel trading.

Parallel traders buy products in Hong Kong for resale at a profit across the border, leveraging different tax rates to make a profit. Critics, including protesters who took to the streets on Saturday, say they have left border towns and public transport overcrowded.

They also complain that shops serving local people have been squeezed out of some areas by shops serving traders.

"A minority of protesters used violence to charge and cause damage," the administration said of the protests on Sunday. "It is believed the majority of Hong Kong people would disapprove of such unlawful acts."

As well as barring people from entering the city, the Immigration Department had conducted 140 joint operations with police and arrested 126 people on suspicion of violating their conditions of stay by taking part in parallel trading, it said.

The Food and Environmental Hygiene Department had also stepped up cleaning and enforcement, while both that department and the police carried out large numbers of raids and issues fixed penalty notices.

RECENT NEWS

EX.IO Partners With Franklin Templeton To Expand Tokenised Assets In Hong Kong

EX.IO, a licensed virtual asset trading platform in Hong Kong, has formed a strategic partnership with global investmen... Read more

HKMC Prices HK$12 Billion Digital Bond Issuance, Largest Globally

The Hong Kong Mortgage Corporation Limited (HKMC) has priced its inaugural digital bond issuance, raising approximately... Read more

MUFG, SMFG And Mizuho Plan Joint Yen Stablecoin By March 2027

Three of Japan’s largest financial groups, MUFG, SMBC, and Mizuho, plan to jointly issue a stablecoin by March 2027, ... Read more

TransUnion Launches Free Credit Reports For Lost HKID Holders In Hong Kong

TransUnion is offering a one-time free credit report to eligible individuals in Hong Kong who have lost their Hong Kong... Read more

Why HSMs Are Becoming Essential For Digital Asset Key Security

Conversations revolving around digital asset finance often return to the blockchain, but Shaun Chen’s concern sits cl... Read more

Webinar: The Deepfake Threat And What APAC Financial Institutions Are Doing About It

Generative AI is making fraud more convincing and easier to scale. Reports of Gen AI-enabled scams rose 456% between Ma... Read more