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Biden warns US companies about the dangers of working in Hong Kong | Business and Economic Affairs

The U.S. has warned U.S. companies this week about the dangers of working in Hong Kong, say three experts, as Washington seeks to address Beijing’s economic woes.

These threats include the Chinese government’s ability to access information held by foreign companies in Hong Kong, two people confirmed. The warning, which is the first report of the Financial Times, will come as a business ploy, people say.

Such a warning from President Joe Biden’s administration will highlight Washington’s worries about the British occupation have grown since Beijing launched the protests against local democracy in 2019.

A fourth U.S. official has described the country’s security component, which was issued last year, as a breach of the law, which has allowed businesses to thrive in Hong Kong. U.S. officials say the law has weakened the border between China and Hong Kong, which has been run as a “Special Administrative Region” with its own separate administration from the economic system since Britain’s independence in 1997.

The US is also concerned about a new law that allows Beijing to retaliate against anyone who follows sanctions against China, people say. The White House declined to comment.

A US trade warning may follow Trump’s administration last year to revive Hong Kong’s unique trade opportunities in recognition of China’s promise to increase “city’s independence” from Beijing.

US-China relations have already suffered at the hands of litigation including taxes and the onset of the Covid-19 epidemic when Biden took office in January. Relationships have only grown since then, and when Biden met with counterparts from Europe, Russia, Japan and South Korea, he and Chinese President Xi Jinping never met again.

The US president is expected to take part in Friday’s summit on the Asia-Pacific Economic Cooperation summit, which includes China. Later this month, Deputy Secretary of State Wendy Sherman plans to travel to Beijing, according to two people who know what they want. Biden and Xi could meet face-to-face in a group of 20 in Rome at the end of October.

Despite connections between the two richest countries in the world, trade between the US and China continues to decline, increasing and costing consumers more money to end the epidemic.

Business Information

China’s data shows that exports to the US have risen sharply so far this year, with US figures showing higher levels than in 2020 but lower than in the past. In the meantime exports to the US to China are in progress or are waiting for you.

In response to reports Tuesday, the Chinese Foreign Ministry reaffirmed their opposition to what they see as US interference in Hong Kong affairs. Ministry spokesman Zhao Lijian told reporters that the city had remained calm following security regulations.

The comments came before the U.S. government announced plans to warn U.S. companies about the dangers of smuggling in Xinjiang, where China has been accused of serious human rights abuses against the Uyghurs.

“The United States will continue to promote accountability for PRC crimes and other forms of torture as a result of government actions and in collaboration with government agencies and our allies,” Secretary of State Antony Blinken said in a statement. to the People’s Republic of China.

Adding to the escalating tensions, China on Tuesday criticized Secretary of Treasure Janet Yellen’s call for “cooperation” against China.

During a visit to Brussels earlier this week, Yellen agreed to a treaty with “international law” enacted after World War II – before calling on the three countries that claimed to have broken the law.

“Together, we need to address the risks of open mindedness, fair competition, transparency and accountability,” Yellen said in a statement to the EU’s finance minister on Monday.

“These challenges include China’s injustice, violence, and human rights abuses; the atrocities committed by Lukashenko’s government in Belarus; and Russia continues to do bad things, “he said, criticizing others to this day in Moscow and Beijing.

“China is deeply saddened by the rejection of Secretary of Treasurer Yellen’s remarks,” Zhao said Tuesday at a press conference in Beijing.

Recent developments came as White House officials discussed the plans for a digital business deal on the Indo-Pacific economy, according to people familiar with the plans.

Much of the potential trade agreement – part of Biden’s efforts to see what China has done in the region – is still being drafted, but the agreement could include countries such as Australia, Canada, Chile, Japan, Malaysia, New Zealand and Singapore, according to one. , who asked not to be identified because the procedure is not public.




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