Biden warns US companies about doing business in Hong Kong

Washington (AP) — As China continues to limit political and economic freedom within its territory, the Biden administration is expected to issue a full warning to US companies about the risks of doing business in Hong Kong.

US officials say the recommendation could be issued soon this week. President Joe Biden told reporters Thursday that the warning points out the worsening and potential further erosion of Hong Kong’s free market, which was once one of Asia’s major financial hubs.

“The situation in Hong Kong is deteriorating and the Chinese government is not keeping its promise of how to deal with Hong Kong,” Biden said. Hong Kong, it’s as simple as it is and as complicated as it is. “

Since the enactment of the new National Security Act last year, the United States under the Trump and Biden administrations has given Hong Kong significant autonomy from mainland China that it has promised to respect for 50 years when Beijing takes control. I decided that I was no longer enjoying it. Former British colony in 1997.

As a result, Hong Kong no longer enjoys US preferential trade and commercial privileges, and certain Hong Kong officials are subject to US sanctions for actions to crack down on democracy.

“We know that the healthy business world depends on the rule of law,” said Ned Price, a spokesman for the State Department. The rule of law continues to weaken the national security law that applies to Hong Kong. There are. “

“As a general matter, we aim to enable businesses to operate in a stable, predictable and fair regulatory environment around the world, and the rule of law, which was previously confined to mainland China. Risks are becoming more and more of a concern in Hong Kong. It’s a big concern for us. It’s a big concern for the American business world. It’s a big concern for the international business world, “he said.

A new warning follows a similar recommendation issued earlier this week, with China Uighur Muslims and other minorities.

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