The expert admitted the beginning of the cold war between the US and China over Hong Kong

Hong Kong can be a catalyst for a new cold war between China and the United States, if Beijing will respond with countermeasures on Washington's actions, says Professor of political science, Director of the Center for Asia-Pacific studies of the University Leninskogo Zhang Baohua.

In recent days, relations between the U.S. and China worsened due to developed by the Chinese Parliament of the draft law on the protection of national security of Hong Kong, which, according to Washington, is aimed at eliminating the high autonomy of Hong Kong. The US President Donald trump has threatened to impose sanctions and revoke the special status of Hong Kong. China rejected any criticism and stated that the issues of Hong Kong are solely an internal matter.

The US has already threatened to revoke the status of a special trading partner of Hong Kong during mass anti-government demonstrations in the summer and autumn of last year. Trump said that if the Chinese authorities will resort to violence to suppress the protests, this could affect trade talks between Washington and Beijing. Us senators and the officials called to review the status of Hong Kong, which, according to them, was compromised.

Earlier, foreign Minister Wang Yi during the annual big press conference said that some political forces in the US trying to push China and the United States toward a new cold war. According to the Minister, these "dangerous actions" jeopardize international stability.

China has on many occasions directly accused the United States of inciting protests and anti-Chinese activities in Hong Kong. That is last year's protests are largely the cause of the drafted national security bill to Hong Kong, which is directed against separatist activities and undermining the authorities, terrorist attacks, and also against interference in the Affairs of Hong Kong.

"If between Beijing and Washington will operate the principle of "action – reaction" relative to Hong Kong, then you can avoid a new cold war will be very difficult. If the question of Hong Kong will be a turning point in the development of a new cold war, then this will have a significant impact on Sino-American bilateral relations, and international relations in General," - said RIA Novosti expert.

He noted that every country in the world will feel the impact on themselves, as will stand before a dilemma on whose side to stand.

"At the moment nobody can predict whether it will be possible some sort of compromise between Beijing and Washington regarding Hong Kong. The reason is that each party wants to stand on his own. However, this does not mean that compromise is impossible. One of the parties or both may eventually make a move which will make it possible to reach a compromise," - said the expert.

Speaking about the economic impact of the possible US decision to abolish benefits in respect of Hong Kong or even to impose sanctions, Zhang Baohua noted that at this point there is consensus.

"Some say that the US decision will have a devastating effect on the economy of Hong Kong and China. Meanwhile, others believe that overall it will have a limited impact," - said the expert.

Hong Kong for 25 years, recognized the strategic research Institute, USA Heritage Foundation, the freest economy in the world and today is one of the world's financial centers.

Earlier, the financial Secretary of the Hong Kong government Paul Chan, commenting on possible sanctions from the United States, stated that any such measures will affect not only Hong Kong, but also the interests of American companies that have significant interest to the financial services authority. In addition, according to the Minister, China is the second largest economy in the world, its growth dynamics and the huge market has attracted the development of many transnational corporations.

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.