Chen Maobo: The United States will pass the Hong Kong Bill of Rights and Democracy, which is an intervention in Hong Kong's internal affairs.

Financial News

Written by: Xu Shihao, Yue Yueting

2019-11-21 13:26

In response to the recent storms of anti-reforms, the United States and the United States, the House of Representatives and the House of Representatives passed the Hong Kong Bill of Rights on Human Rights and Democracy to show that the United States supports Hong Kong people in their struggle for democracy. The Financial Secretary, Chen Maobo, believes that the passage of the bill by the US Congress is unreasonable and unnecessary, and it also interferes with the internal affairs of Hong Kong.

He pointed out that the trade surplus between the United States and Hong Kong is the largest among many trading partners. The bill affects the relationship between Hong Kong and the United States and also affects US interests.

As for the specific impact, it depends on whether US President Trump will sign the bill and the State Council's annual assessment of Hong Kong's situation. He expects the US and pragmatic attitude to be carefully considered from bilateral relations and US interests.

I was asked if Hong Kong would become a bargaining chip between China and the United States, and what measures the Hong Kong Government should take to deal with it. Chen Maobo pointed out that the Washington, DC office of the SAR Government has explained the situation to Hong Kong to relevant officials and Members. The Hong Kong Government will also make an assessment.

Once again, call on Hong Kong people to work hard to stop the violence

He also pointed out that Hong Kong's economic situation showed signs of further deterioration. The unemployment rate rose to 3.1% from 2.9% in September. The unemployment rate in the catering industry rose to 6.1%, the highest in six years. In the third quarter, the economy fell 3.2% year-on-year, and it experienced a quarterly decline for two consecutive quarters, falling into a technical recession. Therefore, he once again appealed to the public to hope that he could stop the violence.

On the other hand, China and Hong Kong have once again revised the Agreement on the Agreement on Trade in Services between the Mainland and Hong Kong on Establishing Closer Economic Partnership Arrangements (the "Amendment Agreement"). The amendments have added open measures in various service areas, such as finance, law, construction and related engineering, testing and certification, television, film, tourism, etc., so that Hong Kong service providers can more easily set up enterprises and develop enterprises in the Mainland. More Hong Kong professionals can obtain qualifications in the Mainland and more quality Hong Kong services can be provided to the Mainland.

Open measures include the establishment of cancellation or relaxation of service ratios, capital requirements and business scope restrictions.

Chen Maobo pointed out that this revision is particularly important in the context of the economic downturn in Hong Kong.

Qiu Tenghua: Relaxing the entry barriers for individual industries槛

The Secretary for Commerce and Economic Development, Mr Edward Yau, pointed out that it would reflect to the Central Committee to relax the entry barriers for individual industries and relax the shareholding ratio of the printing industry. There is no limit on the number of Hong Kong actors in the television and film industries.

In terms of tourism, he pointed out that foreign visitors entering the Pearl River Delta region through Hong Kong for 144 hours visa-free have been established.

Hong Kong economy Chen Maobo, Qiu Tenghua