Hong Kong Business News

Secretary for Commerce & Economic Development Algernon Yau said today that the Hong Kong Special Administrative Region Government strongly condemned the US House of Representatives for slandering the laws on safeguarding national security in Hong Kong.

Speaking to the media after attending the Ninth Belt and Road Summit, Mr Yau outlined the Government's stance toward the US House of Representatives after it passed the bill relating to Hong Kong Economic & Trade Offices.

“We strongly condemn the US House of Representatives for passing the bill,” he said. “There is no reason behind it. It is purely political. It slanders the laws on safeguarding national security in Hong Kong and smears the human rights situation without any reason at all. We strongly condemn it.”

The commerce chief added that levels of participation in the Ninth Belt & Road Summit showcased the business sector’s confidence in the city.

“Actually, the showing up of the participants at the Ninth Belt & Road Summit today signifies that people have confidence in doing business in Hong Kong.

“Even the survey by the American Chamber of Commerce in Hong Kong shows that nearly 80% of their members feel safe doing business in Hong Kong and have confidence about the law in Hong Kong, and nearly 70% of their members do not believe the National Security Law is creating any impact on the operation of their business in Hong Kong.

“So, we are very confident their business sector will still be investing in Hong Kong. Currently, there are about 1,200 American companies here.”

He highlighted that the US has had a very strong trade surplus with Hong Kong over the past 10 years of about US$270 billion.

“The passing of the bill and other reports actually are not creating any benefits to anybody at all,” he added.

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