- Title: China vows retaliation after Trump ends preferential status for HK
- Date: 15th July 2020
- Summary: BEIJING, CHINA (JULY 15, 2020) (REUTERS) CHINESE FOREIGN MINISTRY SPOKESWOMAN HUA CHUNYING ARRIVING AT NEWS CONFERENCE JOURNALISTS SITTING (SOUNDBITE) (Mandarin) CHINESE FOREIGN MINISTRY SPOKESWOMAN, HUA CHUNYING, SAYING: "The U.S. has ignored China's solemn representation, and the U.S. congress passed the relevant so-called Hong Kong Autonomy Act. The U.S. bill has grossly slandered the Hong Kong National Security Law, threatens sanctions against China, and seriously undermines the basic principles of international law and international relations. It crudely interferes in Hong Kong and China's internal affairs. China resolutely opposes, and vehemently condemns this." MEDIA SEATED (SOUNDBITE) (Mandarin) CHINESE FOREIGN MINISTRY SPOKESWOMAN, HUA CHUNYING, SAYING: "Hong Kong is a special administrative region of China. Hong Kong's general affairs completely belong to China's domestic affairs. No foreign power has the right to interfere. China has the unswerving will and determination to defend its national sovereignty and security, protect Hong Kong's prosperity and stability, and oppose the interference of foreign powers in Hong Kong's general affairs. The U.S. side's attempt to obstruct the implementation of the Hong Kong National Security Law will never prevail. In order to safeguard our legitimate interests, China will take the necessary response and issue sanctions against the relevant U.S. personnel and entities. We urge the U.S. to correct their errors, do not issue the so-called Hong Kong Autonomy Act, and stop interfering in China's internal affairs, including Hong Kong. If the U.S. continues with its current course of action, China will inevitably respond." NEWS CONFERENCE IN PROGRESS CHINA'S FOREIGN MINISTRY EXTERIOR CHINESE NATIONAL FLAG FLYING HONG KONG, CHINA (JULY 15, 2020) (REUTERS) VARIOUS OF GEO SECURITIES CEO, FRANCIS LUN, WORKING IN HIS OFFICE (SOUNDBITE) (English) GEO SECURITIES CEO, FRANCIS LUN, SAYING: "Well, I think it's mostly a symbolic step. The implication of which means that Hong Kong will lose its special tax status, like exports from Hong Kong to the U.S., will be taxed the same rate as China. So Hong Kong will lose a little bit of the tax advantage. But the fact is, U.S. and Hong Kong trade is skewed highly in favour of the U.S.. The U.S. records a substantial balance of payment surplus with Hong Kong, actually the highest of any place in the world. So, which means that Hong Kong really suffers very little." LUN SPEAKING (SOUNDBITE) (English) GEO SECURITIES CEO, FRANCIS LUN, SAYING: "What China did in the past 23 years, they have made it clear that they want total control of Hong Kong. They don't care. They don't give a damn what the world thinks. And that is the sad truth. And so, starting from July 1st, 2020, it's one country one system. Pompeo just stated the facts, and then Donald Trump just confirmed it. But it also showed China's determination that they will impose the iron will on Hong Kong, no matter what the world thinks." VARIOUS OF FRANCIS LUN, WORKING IN HIS OFFICE SCREEN SHOWING HONG KONG'S HANG SENG INDEX AFTER MARKETS CLOSE HONG KONG EXCHANGE SQUARE HONG KONG EXCHANGE, HONG KONG, AND CHINESE NATIONAL FLAGS STOCK TICKER / BULL HORN
- Embargoed: 29th July 2020 10:40
- Keywords: Carrie Lam Hong Kong Huawei National Security Law Sino-U.S. relations Trump US Trade war
- Location: HONG KONG AND BEIJING, CHINA
- City: HONG KONG AND BEIJING, CHINA
- Country: China
- Topics: Diplomacy/Foreign Policy,Government/Politics
- Reuters ID: LVA001CMX4SW7
- Aspect Ratio: 16:9
- Story Text:Beijing warned of retaliatory sanctions against the U.S. on Wednesday (July 15) after President Donald Trump ordered an end to Hong Kong's special status.
Trump on Tuesday (July 14) signed the Hong Kong Autonomy Act to end the Chinese ruled city's special status under U.S. law. He also signed a bill approved by the U.S. Congress to penalise banks doing business with Chinese officials who implement the new security law, as well as an executive order, which revokes special treatment for Hong Kong passport holders, among other directives.
Chinese foreign ministry spokeswoman Hua Chunying said China would impose retaliatory sanctions against U.S. individuals and entities in response.
Hong Kong-based securities analyst Francis Lun warned the U.S. measures would unlikely have any impact on China's policies towards Hong Kong, and the direct impact on Hong Kong's economy would be limited, due to the limited exports from Hong Kong to the U.S.
"They don't care… starting from July 1st, 2020, it's one country one system," said Lun, referring to the 'One Country Two Systems' arrangement, under which Hong Kong is guaranteed a high degree of autonomy.
Critics of the security law fear it will crush the wide-ranging freedoms promised to Hong Kong when it returned to Chinese rule in 1997, while supporters say it will bring stability to the city after a year of sometimes violent anti-government protests. The security law punishes what Beijing broadly defines as subversion, secession, terrorism and collusion with foreign forces with up to life in prison.
(Production: Wang Shubing, Aleksander Solum, Nanlin Fang) - Copyright Holder: REUTERS
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