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Agricultural Development Bank of China
Local

HKSAR officials hit back at U.S. false assertions, reiterate business confidence

July 20, 2021


Abstract : Senior officials of China's Hong Kong Special Administrative Region (HKSAR) on Saturday hit back at the so called "business advisory" issued by the U.S. government and the false allegations by U.S. Secretary of State Antony Blinken on the national security law in the HKSAR.

HONG KONG, July 17 (Xinhua) -- Senior officials of China's Hong Kong Special Administrative Region (HKSAR) on Saturday hit back at the so called "business advisory" issued by the U.S. government and the false allegations by U.S. Secretary of State Antony Blinken on the national security law in the HKSAR.

Hong Kong remains an open and free economy, underpinned by the rule of law and a robust regulatory regime, HKSAR Chief Executive Carrie Lam said, noting that Hong Kong's status as an international financial center has not changed and business confidence has not been shaken.

Lam urged the United States to view Hong Kong matters in an honest and fair manner, instead of intimidating businesses and individuals with the "business advisory."

Chief Secretary for Administration of the HKSAR government John Lee said the national security law has played a key role to restore stability in Hong Kong, which is conducive to maintaining a favorable environment for investment and business activities, thus facilitating economic development and prosperity.

The unfounded allegations and the publicity stunt against the business environment of Hong Kong are clear attempts to create trouble out of nothing and intimidate investors, he said.

Paul Chan, financial secretary of the HKSAR government, said the financial data clearly showed that investor confidence in Hong Kong has not wavered even a bit in the past year.

The amount of IPO funds raised in Hong Kong has exceeded 500 billion Hong Kong dollars (about 64 billion U.S. dollars) in the past year, representing an increase of more than 50 percent year on year. The average daily turnover of Hong Kong stocks has also reached 160 billion Hong Kong dollars, nearly 70 percent higher than that before the law took effect. The linked exchange rate system has also worked well. The Hong Kong dollar market recorded a net capital inflow last year.

Officials also strongly condemned the so-called sanctions imposed on seven deputy directors of the Liaison Office of the Central People's Government in the HKSAR.

Chan said the so-called "sanctions" unilaterally imposed by foreign governments do not conform to international laws and have no legal effect in Hong Kong.

The Department of Justice (DoJ) of the HKSAR government said the U.S. unilateral coercive measures are at odds with the international law principle of non-intervention, unbecoming of any civilized nation, and is a hindrance to international peace and stability.

In the face of the illegal acts, countries are justified in deploying countermeasures as a response to a breach of the principle of non-intervention against itself, the DoJ said, stressing that the countermeasures adopted by the central government are legitimate and an accepted practice under international law.

The bullying acts by the United States once again illustrate that it is absolutely necessary and appropriate to take resolute actions to safeguard national security in Hong Kong, Lee said.

Without national security, there is no stability and prosperity, which is key to protecting Hong Kong's business environment, Lee said, vowing continued efforts to deepen the law enforcement. Enditem

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Keyword: Hong Kong

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