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Hong Kong version of the National Security Law | Chen Maobo: U.S. sanctions temporarily affect limited and counter-profit US interests

2020-05-31T18:25:17.987Z


The National People's Congress passed the "Hong Kong version of the National Security Law" earlier, which was internationally questioned. US President Trump has recently referred to Hong Kong as "one country, one system" and will cancel the special treatment for Hong Kong. The Financial Secretary Chen Maobo said in his blog today (31st) that the market is concerned about whether the National Security Law will affect the free flow of funds in Hong Kong, the operation of the linked exchange rate system, and the future status of the international financial center. In this regard, he said: "I can be sure It is said that these are not affected. "Regarding the sanctions imposed by the United States, Chen Maobo said:" It has caused a little disturbance to the market, but for the time being the actual impact is limited. "He also pointed out that the United States has huge interests in Hong Kong and thinks that there are any restrictions. The measures "also undermine the interests of American companies in Hong Kong."


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Written by: Huang Weilun

2020-05-31 11:38

Last update date: 2020-05-31 11:38

The National People's Congress passed the "Hong Kong version of the National Security Law" earlier, which was internationally questioned. US President Trump has recently referred to Hong Kong as "one country, one system" and will cancel the special treatment for Hong Kong. The Financial Secretary Chen Maobo said in his blog today (31st) that the market is concerned about whether the National Security Law will affect the free flow of funds in Hong Kong, the operation of the linked exchange rate system, and the future status of the international financial center. In this regard, he said: "I can be sure Said, these are not affected. "

Regarding the sanctions imposed by the United States, Chen Maobo said: "It has caused a little disruption to the market, but for the time being the actual impact is limited." He also pointed out that the United States has huge interests in Hong Kong, and believes that any restrictions, "also damage American companies. Hong Kong's interests. "

▼ The controversy between the parties of the Hong Kong version of the National Security Law Legislation continues ▼

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Chen Maobo published his blog today on the topic of "Do not be alarmed". He said that when meeting with banks and wealth management representatives, many people took a positive view of the National Security Law, arguing that what Hong Kong needs most is the restoration of public security and social conditions.

Regarding whether the market is concerned about whether the National Security Law will affect the free flow of funds in Hong Kong, the operation of the linked exchange rate system, and the future status of the international financial center, Chen Maobo bluntly said: "I can safely say that these are not affected." He explained that according to the Basic Law Article 112, Hong Kong will not implement foreign exchange control, Hong Kong dollars can be freely converted, and funds can be freely entered and exited.

No significant capital outflow in the past week, the Hong Kong dollar exchange rate is also close to the strong exchange guarantee zone

As for the linked exchange rate, Chen Maobo refers to Hong Kong ’s own mechanism. The operating condition is to hold sufficient US dollars. At present, Hong Kong ’s foreign exchange reserves are ample, with assets of more than US $ 440 billion, which is more than double the Hong Kong currency base, and backed by China. "This is where the confidence lies." He continued that the system has been implemented since 1983 and has been tested many times. It has nothing to do with the "Hong Kong Policy Law" that was passed in the US Congress in 1992; and there has been no significant capital outflow in the past week, and the exchange rate of the Hong Kong dollar is also close to the strong side. Guarantee area.

The market is also worried about the sanctions imposed by the United States. However, Chen Maobo said that every year Hong Kong produces and exports to the United States, which accounts for less than 2% of the local manufacturing industry; the value of goods also accounts for less than 0.1% of the total local exports. As for high-end sensitive equipment and technology, he said that it has always been difficult to import from the United States, and other technologies may be found in Europe or Japan. He believes that although the current U.S. actions "have caused a little disruption to the market, the actual impact is temporarily limited."

Chen Maobo said that a group initiated a signature to support the national security legislation in the port area, so he went to the street to sign his support. (Picture of Chen Maobo's blog)

Chen Maobo also pointed back that the United States has a huge economy and various other benefits in Hong Kong, describing Hong Kong as the single economy with the largest trade surplus in the United States. In the past decade, the United States has accumulated a trade surplus of nearly US $ 300 billion in Hong Kong. He also pointed out that Hong Kong is the third largest exporter of wine in the United States and the fourth largest export market for beef products; and the US service industry in Hong Kong also has considerable benefits, especially financial and professional services. He said that any restrictive measures "also undermine the interests of American companies in Hong Kong."

Chen Maobo emphasized that the National Security Law is to restore society to a safe and stable business and investment environment. "Generally operating companies do not need to worry." Looking to the future, he said that the United States, as the world's largest economy, any measure may also interfere with the operation of some markets. The government will not take it lightly. Hong Kong will inevitably be affected by the game of big powers. However, he also said that Chinese companies listed overseas may more actively consider returning to Hong Kong to list, and believes: "Hong Kong has always been in a unique position, maybe a leading position in the chess game of big country games, but this may also be This has led to further economic and financial development in Hong Kong. "

Hong Kong version of the National Security Law | Luo Zhiguang: Historical description or referring to US sanctions makes the central government more determined to legislate

The Hong Kong version of the National Security Law | Zeng Guowei approves of Trump's "simply punishment" without foreign assets and without fear of sanctions

Hong Kong version of the National Security Law | People's Daily: Sanctions on Hong Kong are destined to be in vain

Hong Kong version of the National Security Law | Zhang Jianzong: Hong Kong is closely connected with the motherland without fear of foreign sanctions and threats

[Hong Kong version of the National Security Law] Pompeo: The CCP is smashing the characteristics of Hong Kong that are different from China

Hong Kong version of National Security Act Chen Maobo Financial Secretary

Source: hk1

All news articles on 2020-05-31

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