[Hong Kong version of National Security Law] Chen Maobo: US cancels special treatment in Hong Kong affects confidence more than reality

Financial News

Written by: He Jingxi

2020-05-30 10:57

US President Trump announced that he will abolish Hong Kong's special tariff status for sanctions. The Financial Secretary Chen Maobo said that the unilateral cancellation of special tariff treatment for Hong Kong by the United States has little impact on Hong Kong. The biggest impact of this measure may be to impact investor confidence.

Chen Maobo said in an interview with mainland official media that at present Hong Kong's domestically produced goods exported to the US market account for less than 0.1% of Hong Kong's total exports. The United States' cancellation of special tariff treatment on Hong Kong has little actual impact, emphasizing that the Hong Kong government has also To prepare adequately for various economic sanctions that the United States may take against Hong Kong.

He believes that if the United States strikes Hong Kong in terms of independent tariff status, sensitive technology imports and linked exchange rates, Hong Kong will not be seriously affected. However, he believes that the biggest impact of these measures may be to impact investor confidence, but he added that Hong Kong's stock, futures and currency markets are very calm and there have been no significant fluctuations. Not only is the Hong Kong dollar exchange rate strong, but no large-scale capital outflows have been monitored.

Hong Kong version of the National Security Law