Hong Kong slams US’ Autonomy Act, urges Washington to refrain from measures that could affect financial institution operations

Any sanctions imposed under the act ‘will not create an obligation for financial institutions under Hong Kong law’, spokesman says

Local observers, meanwhile, say targeted sanctions likely to affect those with property or large amounts of assets tied up in the US

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The US Senate on Thursday unanimously passed legislation that would impose mandatory sanctions on individuals and companies the United States deems to have impinged on Hong Kong’s autonomy. Photo: EPA-EFE

Published: 10:30pm, 26 Jun 2020Updated: 1:57am, 27 Jun 2020

The Hong Kong government has slammed new US legislation that is paving the way for targeted sanctions against Beijing and Hong Kong officials, though local observers insist they expect relatively little impact on individuals and businesses in the city.

In a strongly worded statement released on Friday night, a government spokesman said the Hong Kong Autonomy Act, passed unanimously by the United States Senate as a response to Beijing’s planned national security law for the city, was “totally unacceptable” and that Congress’ criticism of local affairs was “seriously misleading and absolutely unfounded”.

“Any ‘sanctions’ imposed under the act will not create an obligation for financial institutions under Hong Kong law,” the spokesman said.

“We however urge the US side to act responsibly by refraining from taking measures that may potentially affect the normal operations of financial institutions and the vast number of customers they serve.”

Lawmaker Felix Chung suggested that the US would likely avoid broad sanctions that would harm American companies doing business in Hong Kong. Photo: Dickson Lee

The legislation passed on Thursday, which comes on the heels of the Hong Kong Human Rights and Democracy Act, seeks to establish mandatory sanctions for individuals or companies that have “materially contributed” to China’s failure to comply with the 1985 Sino-British Joint Declaration or the Basic Law, the city’s mini-constitution.

Hong Kong slams US’ Autonomy Act, urges Washington to refrain from measures that could affect financial institution operations

Any sanctions imposed under the act ‘will not create an obligation for financial institutions under Hong Kong law’, spokesman says Local observers, meanwhile, say targeted sanctions likely to affect those with property or large amounts of assets tied up in the US

Any sanctions imposed under the act ‘will not create an obligation for financial institutions under Hong Kong law’, spokesman says

Local observers, meanwhile, say targeted sanctions likely to affect those with property or large amounts of assets tied up in the US