US warns businesses with operations in Hong Kong

Biden administration on Friday warned businesses with operations in Hong Kong of regulatory risks due to China’s attempt at restricting freedom in Hong Kong.

The Hong Kong Business Advisory which is jointly published by the departments of State, Treasury, Commerce and Homeland Security has warned that US firms are facing risks due to China’s national security law in Hong Kong.

“Beijing has chipped away at Hong Kong’s reputation of accountable, transparent governance and respect for individual freedoms, and has broken its promise to leave Hong Kong’s high degree of autonomy unchanged for 50 years,” Secretary of State Antony Blinken wrote in a statement, reported CNBC.

“In the face of Beijing’s decisions over the past year that have stifled the democratic aspirations of people in Hong Kong, we are taking action. Today we send a clear message that the United States resolutely stands with Hong Kongers,” he added.

Biden administration has also imposed sanctions on seven Chinese officials for breaching Hong Kong’s autonomy.

Biden administration, in the earlier week, has warned businesses with links from China’s Xinjiang province on the grounds of growing genocide and other human rights violations.

(With inputs from CNBC)

Picture Credits: CNBC