Once an oasis of predictability, Hong Kong's status as a reliable world-class business centre is now in doubt. FMTNews
Hong Kong and China officials mark the 23rd anniversary of the Hong Kong handover to China on July 1.
As 2019 came to a close, the city was already deep in recession because of spiralling US-China trade tensions and months of huge, often violent pro-democracy protests.Late last month Beijing blanketed the city in a game-changing anti-subversion law aimed at ending protests against its increasingly authoritarian rule.
While analysts and multi-nationals knew the move to strip the city of its trading privileges was coming, some were taken aback by the breadth of the executive order that followed. “Hong Kong will now be treated the same as mainland China — no special privileges, no special economic treatment and no export of sensitive technologies,” Trump said.
Both China and Hong Kong’s government denounced Washington’s move on Wednesday, vowing some sort of reciprocal response.“ acts are hypocritical and will certainly cause very serious damage to American companies and citizens,” Hong Kong’s government said.
Last week, city leader Carrie Lam pointed to the city’s stock market as proof the business community was not worried.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China-US tensions creating 'tremendous anxiety' for Hong Kong'While it is not something we wanted, it is something today we have to live with,' says HKEX chief executive. FMTNews China US
Read more »
China vows retaliation after Trump ends preferential status for Hong KongBeijing will impose retaliatory sanctions against US individuals and entities in response to the law targeting banks.
Read more »
Bankers shocked by 45% China tax rate mull leaving Hong KongInvestment bankers in Hong Kong typically earn about 25% to 30% more than those in Shanghai. FMTNews
Read more »
Hong Kong reports 48 new coronavirus cases | Malay MailHONG KONG, July 14 — Hong Kong reported 48 new coronavirus cases today, including 40 that officials said were transmitted locally, ahead of new social distancing measures due to come into force at midnight. Today’s toll was slightly lower that yesterday’s 52 new cases but remained broadly in...
Read more »
Trump ends Hong Kong trade preferences, backs banking sanctions | Malay MailHONG KONG, July 15 ― US President Donald Trump said yesterday he was ending trade preferences for Hong Kong and signed into law an act that authorises sanctions on banks over China's clampdown in the international finance hub. In a discursive news conference dominated by attacks on his domestic...
Read more »
Hong Kong to impose most severe social distancing restrictions | Malay MailHONG KONG, July 14 — Hong Kong will impose strict new social distancing measures from midnight today, the most stringent in the Asian financial hub since the coronavirus broke out, as authorities warn the risk of a large-scale outbreak is extremely high. The measures dictate that face masks will...
Read more »