Mr Gregory May had warned that firms in Hong Kong face heightened risks after Beijing imposed a national security law in 2020. Read more at straitstimes.com.
HONG KONG – China’s foreign ministry accused the top US official in Hong Kong of discrediting the city’s business reputation after he warned of diminishing confidence in its rule of law, the latest sign of frayed relations over the troubled Asian financial hub.
“Hong Kong’s position as a free global financial centre will suffer as a result of this outflow,” he said on Wednesday at a virtual event hosted by the Centre for Strategic and International Studies, a Washington-based think tank. He estimates that about 15,000 US citizens – or 20 per cent of Americans in the city in 2019 – have left Hong Kong in the last two years. Strict Covid-19 restrictions, including travel bans and mandatory hotel quarantines, led many foreign businesses to relocate staff to other regional hubs such as Singapore and Seoul during that period.
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