HONG KONG, July 17 (Xinhua) -- The so-called "sanctions" by the United States are not expected to harm Hong Kong's long-term development as Hong Kong is backed by the motherland and its advantages remain intact, many people from the business sector in Hong Kong have said.
The Chinese General Chamber of Commerce (CGCC) in Hong Kong said in a statement it strongly opposes the U.S. moves, which seriously interfere in Hong Kong affairs and China's internal affairs at large and will undermine the trade relation between the Hong Kong Special Administrative Region (HKSAR) and the United States and business interests of both.
The United States recently signed into law the so-called "Hong Kong Autonomy Act", which maliciously denigrates the national security legislation for Hong Kong and threatens sanctions.
The CGCC said that the enactment of the law on safeguarding national security in Hong Kong complies with the "one country, two systems" principle and the HKSAR Basic Law, and has won wide support in Hong Kong society as it will not only safeguard national security and territorial integrity but also ensure Hong Kong's long-term prosperity, stability and development.
In response to the U.S. move of revoking Hong Kong's "special status" and suspending "preferential treatment", the HKSAR government has said it will carefully consider if the U.S. measures contravene World Trade Organization (WTO) rules, and does not rule out the possibility of taking action under WTO rules to protect Hong Kong's interests.
The CGCC said it supports the HKSAR government's relevant actions to safeguard Hong Kong's international status, business and judicial reputation, and overall interests.
CGCC Chairman Jonathan Choi said that the national security law for Hong Kong only targets four categories of serious crimes, while the legitimate operation of industrial and business sectors in Hong Kong will not be affected at all.
The implementation of the law is conducive to building a stable business environment in Hong Kong and enhancing investors' confidence, he stressed.
Laurence Li, chairman of Hong Kong's Financial Services Development Council, noted that the market has not reacted dramatically to the U.S. measures so far, which shows that the market is looking at the big picture.
There is no need to worry considering that Hong Kong's role as a middleman has not changed, its status as an international financial center remains solid, it is still attractive to overseas financial talents with its advantages and opportunities, and no company has moved operations out of Hong Kong so far, he said.
Chan Chun-ying, a HKSAR lawmaker representing the finance sector, said Hong Kong is backed by the motherland and boasts advantages including the rule of law, free capital flow and abundant financial talents.
Hong Kong's competitiveness remains intact, and it will hardly be replaced by other places soon, he said.
Willy Lin, chairman of the Hong Kong Productivity Council, said the U.S. policy of unilateralism will eventually hurt its own economy. Enditem
