In Hong Kong believe that sanctions would hurt American companies
Any US sanctions in respect of Hong Kong will also hurt the interests of U.S. companies in Hong Kong, said financial Secretary of the government of Hong Kong Paul Chan.
Earlier, U.S. President Donald trump said that Washington intends to review relations with Hong Kong, including-provided autonomy concessions.
"It is worth noting that, despite the statements of the US concerning restrictive measures in respect of Hong Kong, they have huge economic and other interests in Hong Kong. In the last 10 years, the surplus with the US in Hong Kong amounted to about billion, Hong Kong ranked first for this indicator among the trading partners of the United States... in addition, the United States also have a significant interest in the service sector in Hong Kong, particularly financial and professional. Therefore, any restrictive measures at the same time will be detrimental to the interests of American companies in Hong Kong," he wrote in his blog, Paul Chan.
He recalled that the annual export in Hong Kong and exported to the US goods is less than 2% of the local production, and the value of exports is less than 0.1% of the total exports of Hong Kong. Meanwhile, imports from the United States high technology, according to the Minister, has never been easy, and other technology can replace European or Japanese.
"The U.S. is the largest economy in the world, any sanctions may lead to the disruption of the normal functioning of the market. We won't treat it lightly, will closely follow and respond," wrote Paul Chan.
On the other hand, the Minister continued, China is the second largest economy in the world, constantly keeping a relatively high pace of economic growth, its dynamics of growth and huge market has attracted the development of many transnational corporations.
"In this great game of Hong Kong will inevitably suffer, but if we continue to keep their own system and advantages, as well as the stability of the market, the status of Hong Kong as an international financial centre in Asia will remain unique," said Paul Chan.
In 1992, the U.S. Congress passed a law that regulates U.S. bilateral relations with Hong Kong. The law provides for favourable conditions for Hong Kong to trade, customs matters, different from conditions for the rest of China. In particular, Hong Kong does not apply tariffs and duties that apply to Chinese products.
The effect of these conditions directly depends on how in Hong Kong, according to the United States, maintained a high level of autonomy from the Central government of China in accordance with the principle of "but country, two systems". If the United States considers that the level of autonomy was insufficient, the U.S. President signed a decree to revoke the special status at any time.
The U.S. state Department annually sends to Congress a report on the situation in Hong Kong, which makes recommendations regarding the conservation or revocation of the special status.