Social News
Written by: Chen Jiayi
2020-08-08 10:58
Last update date: 2020-08-08 10:58The United States announced earlier that it would prohibit businesses from trading with TikTok's parent company ByteDance and WeChat parent company Tencent. The Director of the Bureau of Commerce and Economic Development Qiu Tenghua stated on a radio program today (8th) that the United States has clearly chosen to unilaterally act against companies with a Chinese background and even use threats to prohibit companies from conducting transactions.
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The United States announced earlier that it would prohibit enterprises from trading with TikTok's parent company "Byte Beat" and WeChat's parent company Tencent. The Director of the Bureau of Commerce and Economic Development Qiu Tenghua said on a radio program today that the United States claims to be a capitalist society and enterprises should be protected by law. He believes that at present, the United States is clearly selective in unilateral acts against companies with Chinese background, and even uses threats to prohibit companies from conducting transactions. He pointed out that the United States must also provide evidence to prove that the company violated its national security when making this action based on national security reasons. He also mentioned that the prohibited trading companies involved some companies listed in Hong Kong.
Qiu Tenghua said that the United States prohibits some corporate transactions, but when there are gains from the transactions, the government has gains. It is considered that the winner is the winner. He asked how this way of doing things makes companies have confidence in the United States. He believes that the United States has released negative and worrying information to global companies.
The U.S.-Hong Kong trade surplus plummeted
Regarding the impact of the United States’ earlier passage of the "Hong Kong Autonomy Act" and the restrictions on the export of high-tech products and technologies to Hong Kong, and the impact on related industries in Hong Kong, Qiu Tenghua said that it depends on whether the United States itself will regain consciousness. The will of leaders, government, business, or society. Americans have always valued market freedom, and government intervention will affect their confidence in doing business in the United States. He pointed out that depending on whether the United States is verbally "exporting techniques," or will follow through, I believe that the market will react even if it will show which party has caused the most harm.
He pointed out that since the Sino-US trade war, the surplus earned by the United States in Hong Kong alone fell by more than 10% last year, from 30 billion US dollars to 26.4 billion US dollars. "It can be said that the United States has created it itself." U.S. restrictions on corporate transactions will naturally reduce their profits. He quoted the announcement of the American Chamber of Commerce that the change of the US policy towards Hong Kong will inevitably damage the interests of the US business community.
Can't see companies leaving Hong Kong due to national security law
He said that when companies worry about Hong Kong the most is social unrest, and that no company can leave Hong Kong because of the "Hong Kong National Security Law" and believes that the business environment in Hong Kong will not change.
Qiu Tenghua said that the United States has clearly chosen to unilaterally act against companies with Chinese background, and even uses threats to prohibit companies from conducting transactions. (Profile picture / Photo by Yu Junliang)
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