Pompeo condemns China’s law as ‘death knell’ for Hong Kong, warns of economic hardship

CHINA PROPOSES CONTROVERSIAL HONG KONG ‘SECURITY’ LAW

China is keen to move a law that will ban “treason, secession, sedition and subversion” in Hong Kong.

Critics declare the law would strip town of the rights it at present enjoys as a result of of its semi-autonomous standing.

White House economic adviser Kevin Hassett stated China risked a serious flight of capital from Hong Kong that will finish the territory’s standing as the monetary hub of Asia.

Pompeo and Hassett’s feedback aren’t prone to sit effectively with Chinese President Xi Jinping or the ruling Communist Party, which have had a prickly relationship with the United States that has additional been strained over commerce disputes and the worldwide coronavirus pandemic.

Beijing has been hellbent on pushing the measure via and claims “law-based and forceful measures” should be in place to “prevent, stop and punish” protests sooner or later.

Hong Kong was required to introduce safety laws after the handover from British management to China in 1997.

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While the United States has restricted leverage with China over Hong Kong, it might be reduce off if the Trump administration determines that the Sino-British Joint Declaration, which was supposed to offer the territory 50 years of particular standing after it reverted to Chinese rule, has been violated.

During an interview on Fox Business Network on Friday, Hassett claimed the harm that will come from China’s proposal can be principally self-inflicted.

“They’re going to see a lot of economic harm from what they’re doing,” he stated, including that companies wouldn’t wish to make investments or maintain cash “in a place where they’re basically sneering at the rule of law.”

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“And so, I would expect that they’re going to have serious capital flight problems,” Hassett stated. “And Hong Kong, if they follow through this, will no longer be the financial center of Asia, and they themselves will bear very, very heavy costs.”

The Associated Press contributed to this report. 

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