ronger in Hong Kong as loca▓l authorities, experts and business groups warned it woul▓d not help calm down the current situation but only harm the▓ interests of both sides.The Hong Kong Special Administrative Region (HKSAR) government on Thursday expressed s▓trong opposition to the passage of the Hong Kong Hu▓man Rights and Democracy Act and the other act on ▓Hong Kong in the U.S. House of Representatives after the bills were approved by the U.S. Senate.Passage ▓of the legislation has sent a wrong signal to violent protesters and would not help calm down the current situation in Hong Kong, the HKSAR government said in a statement.Those unnecessary and unwarranted acts will h▓arm the relations between the two sides and their common i▓nterests, the HKSAR government said, reiterating

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that fo▓reign legislatures should not interfere in any form in ▓the internal affairs of the HKSAR.The passage of legi▓slation also triggered concerns about the economic prospects of Hong Kong among economic experts in Hong Kong, who pointed out that restrictive trade measures that may be▓ adopted could easily backfire."The bill is not in line with the interests of the United States," said Francis ▓T. Lui, professor emeritus of the Hong Kong University of ▓Science and Technology.Citing figures that the United States▓ has earned 297 billion U.S. dollars from trading with Hong ▓Kong in the past decade, the largest bilateral trade su▓rplus amongst its global trading partners, Lui said the U.S. move is not helpful in achieving its goal of balanced trade.Business associations also feared U.S. comp▓anies would fall victim to the bill as many of them have set up regional headquarters and offices in Hong Kong▓ and used the metropolis as a base to explore other a wide range of Asia-Pacif

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ic markets.The American Ch▓amber of Commerce in Hong Kong has called for supp▓ort for Hong Kong's special status, saying that many U.S. businesses feared that the bill, with the sections addressing export controls and sanctions, could have counter-productive consequences on them.Chairman of the Hong Kong Association of China Business Wong Ping also▓ said U.S. enterprises will lose their most import▓ant and freest base in the Asia-Pacific if Hong Kong wa▓s rescinded its status as a separate customs territory because of the bill.Wong pointed out that international econ▓omic relation is not about one side doing a favor for the other, warning that the United States might suffer greater losses once China takes up strong countermeasures.Experts said while the U.S. legislation would certainly h▓ave an impact on Hong Kong's economy, it would not be a cr▓itical one. It is rather the implementation of the▓ "one country, two systems" principle, the huge mainla▓nd market and support from t

he central government t▓hat serves as the strongest impetus behind Hong Kong's development.In the latest move of support, the mainland and HKSAR on Thursday updated an agreement on libe▓ralization and facilitation of trade in services that lowers the mainland market access thresholds for Hong ▓Kong enterprises and professionals.The revised version of the Mainland and Hong Kong Closer Economic Partnership Arrangement Agreement, effective in June 2020, introduces new liberalization measures in a number of importa▓nt services sectors such as financial services, legal services, television and tourism services.Please sc▓an the QR Code to follow us on InstagramPlease scan

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