US Senators Introduce Bill To Protect HK's Autonomy

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

Related News Programmes

"); });

2020-05-27 HKT 00:30

Share this story

facebook

  • Pat Toomey said he believed the legislation to protect Hong Kong’s autonomy would have a real impact on China. File photo: Reuters

    Pat Toomey said he believed the legislation to protect Hong Kong’s autonomy would have a real impact on China. File photo: Reuters

Two US senators introduced a bill aimed at defending Hong Kong's autonomy against what they say is increasingly brazen interference from the Chinese Communist Party.

Pat Toomey and Chris Van Hollen said it's obvious that Beijing has stepped up its crackdown on pro-democracy protests in the SAR, adding that its latest move to implement national security legislation in the city is simply aimed at curbing political dissent.

They say the Hong Kong Autonomy Act would impose mandatory sanctions on entities that violate China's obligations to Hong Kong under the Joint Declaration and the Basic Law.

The legislation would also impose mandatory secondary sanctions on banks that do business with these parties.

Van Hollen was asked if mainland companies like Huawei would likely be sanctioned:

"Our goal in this legislation is to make sure that those who are penalised are those who are making the decisions to deprive Hong Kong of its autonomy. We want to really keep the focus there," Van Hollen said.

Toomey said he hopes the legislation can be passed as soon as possible, adding that he believed it would have an impact on China:

"For the foreseeable future they will be very, very dependent on US dollar transactions so I think these sanctions that we've proposed are likely to be very, very powerful for a very long time," Toomey said.

RECENT NEWS

China To Inject US$44 Billion Into State Banks To Boost Tech And Curb Risks

China said it will inject 300 billion yuan (US$44 billion) into state-owned banks this year to guard against systemic r... Read more

Hong Kong Regulators Expand GenAI Sandbox To Insurance, Securities And MPF Sectors

The Hong Kong Monetary Authority (HKMA), Securities and Futures Commission (SFC), Insurance Authority (IA), and Mandato... Read more

South Korea To Cap Crypto Exchange Ownership At 20%

South Korean regulators and lawmakers have agreed to cap major shareholder stakes in cryptocurrency exchanges at 20%, d... Read more

DBS Hong Kong Partners With Know Your Customer To Automate SME Onboarding

Know Your Customer Limited, a provider of automated business verification solutions, has partnered with DBS Hong Kong t... Read more

Hong Kong Banks Extend Loan Repayment Relief For Tai Po Fire Victims

The Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks (HKAB) have met to discuss additional su... Read more

Hong Kong And Macao Deepen Financial Cooperation With Updated Agreement

The Hong Kong Monetary Authority (HKMA) and the Monetary Authority of Macao (AMCM) held a meeting on March 3 to strengt... Read more