The U.S. Might Revoke Hong Kong’s ‘Special Status.’ Here’s What That Means for Business in the Global Financial Hub
Secretary of State Mike Pompeo announced on Wednesday that Hong Kong was no longer sufficiently autonomous from mainland China — an assessment that could threaten the city’s trading relationship with the U.S. and deal a blow to both American and Chinese companies operating there.
The news comes following Beijing’s decision late last week to draw up a national security law for Hong Kong. The move came after Hong Kong’s Legislative Council failed in its obligations to enact such a law since the former British colony was handed back to China in 1997. Critics say, however, that the Chinese government’s bypassing of the local legislature undermines the “high degree” of autonomy promised to Hong Kong when China resumed sovereignty over the territory of 7.4 million.
“No reasonable person can assert today that Hong Kong maintains a high degree of autonomy from China, given facts on the ground,” Pompeo said in a