Foreign firms may ‘vote with their feet’ if Hong Kong’s autonomy is threatened: European business leader
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- China may be unharmed by US trade impact on Hong Kong ‘but innovation may suffer’
Foreign companies may “vote with their feet” to leave Hong Kong if the city’s autonomy is jeopardised but they would remain in mainland China, a European business leader said.
He said Hong Kong’s uniqueness as an Asian metropolis and an international financial hub should be maintained.
China’s legislative body passed a resolution last Thursday to draft a tailor-made national security law for Hong Kong, triggering an international outcry that such a move may erode the autonomy of the city and exacerbate already bitter tensions between Beijing and Washington.
US President Donald Trump threatened that the US would retaliate and the administration has started to eliminate special treatment for Hong Kong. Such benefits include Hong Kong enjoying different and lower tariffs as a separate customs area to mainland China.
Beijing hit back, condemning US interference in China’s sovereignty and pledging to respond with countermeasures. It defended its position to impose the legislation to safeguard the stability of Hong Kong which has been torn by unrest since last year.
