China, US Will Kill Financial ‘Goose That Lays Golden Eggs’ if Hong Kong Crisis Not Extinguished, Analysts Warn

Business

US Secretary of State Mike Pompeo upped the ante in Washington’s ongoing debate with Beijing over Hong Kong’s status on Saturday, accusing the Chinese Communist Part of ‘breaking promises’ to the West and acting like Nazi Germany in World War II. Chinese media responded in kind, accusing Pompeo of acting like Nazi propaganda chief Joseph Goebbels.

Hong Kong’s status as a major global financial hub serving both Beijing and the interests of American multinationals may end thanks to the ongoing political escalation between the Trump administration and Chinese authorities over the city’s future, experts warn.

Late last month, Chinese lawmakers passed a new national security law for the Hong Kong Special Administrative Region, with the legislation ostensibly aimed at putting an end to any secessionist, subversive and terrorist activity in the territory. The bill’s passage sparked fresh protests in the city, while US President Donald Trump accused China of “breaking its word” on Hong Kong autonomy and the ‘one country, two systems’ approach to governance and replacing it with a “one country, one system” attitude.

Subsequently, Trump ordered his administration to “begin the process of eliminating policy that gives Hong Kong different and special treatment,” while the State Department announced the sell-off of some $1.82 billion in Hong Kong property.

Chinese authorities blasted the US…

Continue Reading This Article At Sputnik News

LEAVE A REPLY

Please enter your comment!
Please enter your name here