May 30, 2020
Hong Kong, China push back against Trump's latest trade threats
Bloomberg News
,Hong Kong Dollar Peg Is Not Under Threat, Natwest Markets Says
Hong Kong’s government said actions threatened by President Donald Trump are “unjustified” and that China is within its “legitimate rights” to pursue new national security laws that Beijing says will help quell months of unrest.
Separately, the People’s Daily, mouthpiece of China’s Communist Party, wrote that the plans outlined by Trump at the White House on Friday were “gross interference” in Beijing’s affairs and were “doomed to fail.”
The U.S. moves would include stripping Hong Kong of some of its privileged trade status as a result of Beijing’s crackdown on the island, and come as tensions simmer between the world’s two biggest economies over the origins of the coronavirus pandemic and how the Trump administration characterizes China’s role in its spread.
Officials from Hong Kong wrote in a 949-word statement that they’re “not unduly worried” about the sanctions and trade restrictions proposed by Trump.
Hong Kong will continue to rely on rule of law, judicial independence, and a free and open trade policy, according to a statement issued Saturday evening local time.
Officials defended the actions of China’s legislature, which this week approved a plan to draft legislation that China has called essential to national security, and which Hong Kong democracy advocates have said will curb freedom of speech and undermine an independent judiciary.
Those actions, on top of relations fraught by the pandemic, led Secretary of State Michael Pompeo to decertify the former British colony’s autonomy under U.S. law. Trump vowed “strong” and “meaningful” actions while providing few specifics.
The proposed legislation “does not give rise to fears of the loss of liberties by its people that will warrant international debate or interference by another country” and such fears are “simply fallacious,” the Hong Kong government said in its statement.
“We note with deep regret that President Trump and his administration continue to smear and demonize the legitimate rights and duty of our sovereign to safeguard national security in the Hong Kong Special Administrative Region which in turn is aimed at restoring stability to Hong Kong society,” the statement said.
Hong Kong has been roiled by protests, some of them violent, since last year as demonstrators have fought efforts by China and Hong Kong’s Beijing-backed administration to impose tighter security laws on the territory, which has had relative autonomy since being returned to China by Britain in 1997.
China’s rubber-stamp legislature on Thursday approved a proposal for sweeping new national security laws for Hong Kong, but it could take Chinese officials months to sort out details of laws banning subversion, secession, terrorism and foreign interference.
The People’s Daily reported that China would be firm in responding to any U.S. moves, without specifying what actions Beijing might take.