Political situation
Written by: Huang Fengyi
2020-08-11 11:38
Last update date: 2020-08-11 11:38The U.S. Treasury Department announced on August 7 sanctions including Chief Executive Carrie Lam and 11 Chinese and Hong Kong officials, prohibiting Americans and companies from having any money, services and products dealings with the sanctioned persons’ assets, companies or individuals in the United States.
Associate Professor Xu Jiajian of the Department of Economics at Crimson University in the United States today (11) stated on the Hong Kong and Taiwan program "Millenniums" that the sanctions actually have a greater personal impact on officials. For example, business dealings with American companies have been reduced or even terminated. Under the pressure of sanctions, cooperating financial institutions may stop providing services for fear of being implicated.
Xu Jiajian (Photo/Photo by Huang Baoying)
Xu Jiajian pointed out that if it is not a U.S.-owned company or is subject to U.S. supervision, Washington cannot verify whether the company has business dealings with people on the sanctions list, and Washington cannot enforce the law in Hong Kong, but many banks or companies are afraid of being implicated. Expose, willing to comply with the sanctions.
Xu Jiajian continued that if a company violates sanctions and has business or financial dealings with people on the list, the fines can be very large. Generally, companies or banks are not willing to bear the risk of being fined and continue to cooperate; and the United States has a certain degree of influence. All countries have the opportunity to cooperate with sanctions under pressure from the United States.
Since the United States announced sanctions on 11 Chinese and Hong Kong officials, Lam Cheng once posted on fb on Saturday that he would take the initiative to cancel his visa to visit the United States. (Lam Cheng fb)
Xu Jiajian analysis: only services involving money transactions are prohibited
As for the specific sanctions, Xu Jiajian analyzed that what the U.S. referred to as "prohibition of any money, services and products dealings with Americans or companies" is not as early as some people speculated that any service would be banned. He used Facebook as an example. Chief Executive Carrie Lam can still use her Facebook account, but believes that the account cannot use any services that involve money transactions, such as advertising in the app, and believes that the US will announce specific content again.
Regarding China's countermeasures, 11 US officials are prohibited from using Chinese services and business contacts. Xu Jiajian pointed out that most of the people on the sanctioned list are officials and non-businessmen, with limited influence. It is also believed that the sanctions and actions of the two countries are conditionally escalated. The US action is to express its position to the Chinese side. It will continue to monitor China's policies and instructions on Hong Kong and demand that the Chinese side stop infringing on the democracy and freedom of Hong Kong people.
▼List of U.S. sanctions against Chinese and Hong Kong officials and reasons▼
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