China expresses strong displeasure over US sanctions against Hong Kong

Beijing: – China has accused that the sanctions imposed by the United States on Hong Kong are not only against China and the United States but also against the entire world. US President Donald Trump has withdrawn the special status awarded to Hong Kong and has imposed sanctions against 11 leaders from China. It is believed that the financial institutions and the banks operating in Hong Kong will be severely hit by this decision of the US President. This seems to be the reason for such intense reactions from China.

At the beginning of this month, the United States announced sanctions against 11 Chinese leaders, including the Hong Kong Administrative Chief, Carrie Lam. The Trump administration also took a decision that it will be mandatory that all the products coming from Hong Kong have the ‘Made in China’ label. The US State Department has announced the cancellation of three bilateral agreements with Hong Kong. President Trump has also warned that Hong Kong will never flourish under Chinese control.

Hong Kong, known as one of the financial centres in the world, started feeling the jolts because of the US actions. Big international corporate and financial institutions have already started shifting their operations from Hong Kong. Agitated with the developments, China has expressed strong displeasure against the United States. The Banking and Insurance Regulatory Commission has criticised that the US decisions are rocking the financial stability of Hong Kong. Their actions are against the population of the whole world, along with China and the United States. The United States should not shoot itself in the foot with these unilateral actions.

China too accused the United States of interference in the functioning of the financial institutions, violating the principles of market-linked economy. China also warned that these US activities, based on financial dominance, will not be tolerated. The US decisions have become a cause for concerns for the big US financial institutions operating in China and Hong Kong. China has advised the Chinese banks to explore options to escape the clasp of the United States.