Pompeo Says HK No Longer Autonomous From China

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

"); });
2020-05-28 HKT 00:11
Secretary of State Mike Pompeo has notified Congress that the Trump administration no longer regards Hong Kong as autonomous from mainland China.
Wednesday’s notification to lawmakers sets the stage for the US to withdraw preferential trade and financial status that Hong Kong has enjoyed since it reverted to mainland rule in 1997.
“Hong Kong does not continue to warrant treatment under United States laws in the same manner as US laws were applied to Hong Kong before July 1997," Pompeo said in a statement.
Pompeo’s decision was not accompanied by a revocation of any specific privileges but comes amid calls for the US and others to react against Beijing’s move to impose national security laws over the territory.
“Beijing’s disastrous decision is only the latest in a series of actions that fundamentally undermine Hong Kong’s autonomy and freedoms and China’s own promises to the Hong Kong people under the Sino-British Joint Declaration, a UN-filed international treaty,” Pompeo said. "No reasonable person can assert today that Hong Kong maintains a high degree of autonomy from China, given facts on the ground."
The "Hong Kong Human Rights and Democracy Act" approved by the US Congress and President Donald Trump last year requires the State Department to certify at least annually that Hong Kong retains enough autonomy to justify the favorable US trading terms that have helped it maintain its position as a world financial centre.
Under it, officials responsible for human rights violations in Hong Kong could be subject to sanctions, including visa bans and asset freezes.
It now falls to Trump to decide to end some, all or none of the economic privileges Hong Kong currently enjoys.
Trump said on Tuesday the United States was working on a strong response to China's planned national security legislation for Hong Kong and it would be announced before the end of the week. (AP/Reuters)
China CITIC Bank Launches Payment Connect Services To Support Cross-Border Transactions
China CITIC Bank International Limited (CNCBI) has announced it will introduce services and a customer offer related to... Read more
Eddid Financial Secures SFC Approval For Digital Asset Services
Hong Kong’s Eddid Financial has announced that its subsidiary, Eddid Securities and Futures, has received approval fr... Read more
Hong Kong Customs Uncovers HK$1.15B Virtual Asset Money Laundering Scheme
Hong Kong Customs has uncovered a suspected money laundering operation involving cash smuggling and virtual assets tota... Read more
Lendela Partners With TransUnion To Launch Free Credit Score Tool In Hong Kong
Lendela, a loan matching platform based in Hong Kong, has partnered with credit reference agency TransUnion through a c... Read more
Hex Trust Appoints Rohit Apte As Head Of Markets
Hex Trust, a digital asset financial institution specialising in custody, staking, and markets services, has appointed ... Read more
Scaling Across APAC: Why Cross-Border Payments Matter More Than Ever
In today’s digital-first economy, the Asia-Pacific (APAC) region has emerged as a global hotspot for fintech innovati... Read more