US Intrudes On Business Practices

Secretary for Commerce & Economic Development Edward Yau said the US administration's so-called advisory to US businesses and individuals operating in Hong Kong was a blatant interference of the city's affairs and intrusion of international business practices.

He made the remarks in his response today, adding that the so-called warnings were biased, self-serving, of double standard and not fact-based.

Mr Yau noted that Hong Kong is the best place in Asia for business and investment with its prime location that has unrivalled connections to China, East Asia, the Association of Southeast Asian Nations with stability restored.

"Hong Kong has always been the most welcoming place for doing business and popular among multinational firms for they see Hong Kong offering rules-based, open and competitive trading environment to all. These are well protected and not being eroded."

He emphasised that the Government has been helping companies to better understand the National Security Law since its introduction. Like similar legislation in place in most jurisdictions round the world, the law would not affect businesses unless their acts contravene the law, and Hong Kong has independent judiciary to handle such contraventions.

"We vehemently object to the accusations made by the US which are of double standard and have no foundation in facts," Mr Yau stressed.

He added that the Government engaged closely the international business community through regular dialogue and exchanges and took their views into account.

"The overwhelming view from them is that they remain positive towards the environment they are operating in, especially after law and order has been restored after the riots and unrest in 2019 through the enactment of the National Security Law."

Despite the geopolitical tension and the rising protectionism initiated by the US to which Hong Kong strongly objects, international businesses, including those from the US, have been enjoying the friendly and free trading environment in Hong Kong.

Comments including those from the American Chamber of Commerce in Hong Kong reaffirmed the fact that Hong Kong remains a critical and vibrant facilitator of trade and financial flow between the East and West.

Mr Yau said that currently about 9,000 Mainland and overseas companies have set up offices in Hong Kong, of which more than 40% use Hong Kong as a regional headquarters or regional offices.

Hong Kong also ranked the third largest recipient of foreign direct investment last year according to the World Investment Report 2021 released by the United Nations Conference on Trade & Development.

These are loud and clear testimonies that Hong Kong remains an attractive business and investment location, he commented.

He also noted that corporations and business people are most interested in the opportunities arising from the 14th Five-Year Plan and the Guangdong-Hong Kong-Macao Greater Bay Area. International chambers of commerce have recently reaffirmed their confidence in Hong Kong's future potential and its position as an excellent place to do business.

"The words and deeds of foreign business leaders fully demonstrate that the business environment in Hong Kong has not been undermined after the implementation of the National Security Law. On the contrary, it has become even better," Mr Yau added.

The commerce chief stressed that Hong Kong will continue to strive to help businesses, both local and international, grasp the tremendous opportunities arising from the development of the Mainland as well as its integration with the region and the global market.

"We will achieve this by leveraging our unique advantages under the 'one country, two systems' and the international connectivity brought about by upholding all the pillars that make Hong Kong tick."