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Chen Maobo criticizes business and warns of absurdity Qiu Tenghua: Hong Kong is still the best place to do business

2021-07-17T11:29:14.615Z


The United States yesterday announced sanctions against seven deputy directors of the Liaison Office of the Central Committee of the Communist Party of China and issued a "commercial warning" to American companies and individuals operating in Hong Kong. Financial Secretary Chen Maobo fought back today (17th), emphasizing that the Hong Kong National Security Act has consolidated


The United States yesterday announced sanctions against seven deputy directors of the Liaison Office of the Central Committee of the Communist Party of China and issued a "commercial warning" to American companies and individuals operating in Hong Kong.

Financial Secretary Chen Maobo fought back today (17th), emphasizing that the "Hong Kong National Security Act" has consolidated Hong Kong's position as a financial center, referring to the absurdity of the "commercial warning".


The Secretary for Commerce and Economic Development, Yau Tenghua, said that the US's rhetoric is based on its own interests, and it ignores facts and emphasizes that Hong Kong is the best place for business and investment in Asia.


Chen emphasized that financial market activity is booming and the banking system is functioning normally

Chen Maobo pointed out that although Hong Kong has experienced severe challenges from social unrest and the new crown epidemic in the past two years, the financial market has remained stable and orderly and activities have been vigorous. The stock market has been actively trading, IPO activities have been vigorous, and the Hong Kong banking system has been operating as usual. It reflects the market's full confidence in Hong Kong's financial environment.

Regarding the US sanctions, he quoted the stance of the SAR government and strongly condemned the so-called "sanctions" imposed by the United States on the seven deputy directors of the Liaison Office.

He said that the SAR government has repeatedly reiterated that the so-called "sanctions" unilaterally imposed by foreign governments are inconsistent with international law and have no legal effect in Hong Kong, and will not pose any local legal liabilities to local institutions.

Qiu Tenghua said: "The so-called "commercial warning" issued by the U.S. government to U.S. companies and individuals operating in Hong Kong grossly interferes in Hong Kong affairs and violates international business practices. The so-called warning is based on one's own interests and is not only biased, but also full of double standards. Disregarding the facts."

Chen Maoboqiang, international investors still like to use Hong Kong as a platform to invest in the mainland financial market.

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Deposits in the banking system increased by 5% compared to last year

Chen Maobo emphasized that investors' confidence in Hong Kong has not been shaken by the National Security Law.

He took the amount of funds raised in Hong Kong's new stocks in the past year as an example. He said that the funds exceeded 500 billion yuan, an increase of more than 50% over the previous 12 months; and the average daily turnover of Hong Kong stocks reached 160 billion yuan, which was higher than before the implementation of the National Security Law. Nearly 70%.

He also pointed out that the linked exchange rate system worked well. During the period from July to October after the implementation of the National Security Law last year, more than 300 billion yuan of funds flowed into the Hong Kong dollar system, and the total deposits in the Hong Kong banking system increased by more than 5% compared with last year. , As of the end of May this year, the total deposits amounted to approximately 14.9 trillion yuan.

He also used the "Shanghai-Hong Kong Stock Connect", "Shenzhen-Hong Kong Stock Connect" and "Bond Connect" northbound daily average turnover as evidence, saying that the flow of funds has increased compared to before the implementation of the National Security Law, reflecting that international investors still like to use Hong Kong as a platform to invest in mainland finance market.

Yau Tenghua pointed out that the International Chamber of Commerce has also recently affirmed Hong Kong's development potential and its superior business status.

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Yau Tenghua points out that Hong Kong has a superior geographical location

Chen Maobo said that some large international financial institutions are deploying to increase resources or expand Hong Kong business in Hong Kong to welcome the mainland market and opportunities, which proves that investors have full confidence in Hong Kong.

Qiu Tenghua reiterated that Hong Kong has a superior geographical advantage, connecting China, East Asia and the Association of Southeast Asian Nations, and the society has returned to stability, making Hong Kong the best place for business and investment in Asia.

Regarding the US issuing a "commercial warning" to American companies and individuals in Hong Kong, he emphasized that Hong Kong welcomes investors from all over the world to do business and is also widely welcomed by multinational companies. "Unless the company violates the law, the Hong Kong National Security Law will not Their operations have an impact. Hong Kong also has an independent judicial system to handle cases of violations. We strongly oppose the accusations that the United States is full of double standards and groundless."

He also said that he has always listened to and adopted the opinions of the international business community, and most of the business people are positive about the current operating environment.

He criticized the US for provoking geopolitical tensions and heating up protectionism.

He believes that Hong Kong has a friendly and free trade environment, and international companies, including those from the United States, continue to benefit. He also said that there are currently about 9,000 mainland and overseas companies that have set up offices in Hong Kong, of which more than 40% are in Hong Kong. As a regional headquarters or regional office.

Yau Tenghua also pointed out that enterprises and business circles are very interested in the "14th Five-Year Plan" and the development of the Guangdong-Hong Kong-Macao Greater Bay Area, and the International Chamber of Commerce has recently affirmed Hong Kong’s development potential and its superior business position, reflecting Hong Kong’s business operations. The environment has not been weakened with the implementation of the National Security Law, but has grown stronger.

Li Jiachao: Will shut out those who are false supporters and false allegiances, strictly review the qualifications of the Guan Guoan Act | Zheng Ruohua: Hong Kong must have a "National Security Act" to escort US sanctions | Li Jiachao criticizes the United States for unreasonable accusations, alarmist bullying and destruction Credibility The Department of Justice claims that the National Security Law is in line with international practices, saying that the West has unreasonably attacked and deliberately misled the international community

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Source: hk1

All news articles on 2021-07-17

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