- July 16, 2021
- Posted by: Stratford Team
- Category: Business
WASHINGTON – The Biden administration is expected to issue a blanket warning to U.S. firms about the risks of doing business in Hong Kong as China continues to clamp down on political and economic freedoms in the territory.
U.S. officials say the advisory could be issued as soon as this week. President Joe Biden told reporters Thursday that the alert would point out deteriorating free market conditions in Hong Kong, which was once one of Asia’s main financial hubs, and the potential for further erosion.
“The situation in Hong Kong is deteriorating, and the Chinese government is not keeping its commitment that it made, how it would deal with Hong Kong,” Biden said. “And so it is more of an advisory as to what may happen on Hong Kong, it’s as simple as that, and as complicated as that.”’
The United States under both the Trump and Biden administrations has determined that since the passage of a new national security law last year, Hong Kong no…