The Biden administration warned American companies with operations in Hong Kong of risks induced by Chinese government control of the city.
Last year, the Chinese Communist Party enacted the “Hong Kong National Security Law” which, according to the Biden administration, tightened penalties for “secession” and “subversion.” Despite widespread protests that garnered international attention, the law gutted individual rights for citizens of Hong Kong.
In a joint statement, the Department of the Treasury, Department of Homeland Security, Department of State, and Department of Commerce warned American companies about the “growing risks” of operating in Hong Kong.
The statement reads:
As noted in the Department of State’s 2021 Hong Kong Policy Act Report, the PRC’s imposition of the NSL on Hong Kong in June 2020 led to major structural changes that significantly reduced Hong Kong’s autonomy. As a result, business and rule of law risks that were formerly limited to mainland China are now increasingly a concern in Hong Kong.
Hong Kong authorities have arrested foreign