US Secretary of State intends to abolish preferential treatment for Hong Kong Trade and financial transactions July 1, 12:38
China's Secretary of State Pompei said in a statement about China's enforcement of the "Hong Kong National Security Act," which cracks down on anti-government moves in Hong Kong. He said, "I will not overlook silently," and will abolish the preferential treatment that is admitted in Hong Kong, such as trade and financial transactions.
Secretary of State Pompei issued a statement yesterday, pointing out that China's enacted "Hong Kong National Security Act" is against China's promise of 50 years of autonomy after the return of Hong Kong. China's decision destroyed Hong Kong's autonomy and changed "one country, two systems" to "one country, one system."
"The United States does not overlook China's swallowing Hong Kong into an autocratic regime," Pompei said. "The United States stands on the side of freedom-loving Hong Kong citizens to address China's attacks on freedom of speech and other matters." With the exception of some exceptions, the government has shown its intention to abolish the preferential treatment, such as trade and financial transactions, which has been approved by Hong Kong as a standard.
The Trump administration has already announced restrictions on visa issuance to Chinese officials and export controls such as police equipment as countermeasures over the “Hong Kong National Security Act”.
If the United States abolishes the preferential treatment, it is inevitable that business and civil life in Hong Kong will be affected.