Washington’s immoral anti-HK drill

Objective observers will, without making any effort, realize the so-called 2021 Investment Climate Statements just issued by the US Department of State is a follow-through to US President Joe Biden’s “business risk warning” against the city.

That the United States has intensified its efforts to contain China, which it considers a major strategic rival and thus a threat to its interests, means it will use new, even more sensitive, “issues” in its anti-Beijing crusade than Huawei, Xinjiang cotton, solar photovoltaic panels, Taiwan, the South China Sea, the COVID-19 pandemic, the Belt and Road Initiative, and now the baseless allegation against the National Security Law that was implemented in Hong Kong last year and the “risks of doing business” in the Hong Kong Special Administrative Region.

But hyping up the “risks of doing business” in Hong Kong is a futile tactic Washington is using to contain China, because enterprises operating in Hong Kong, including those from the US, have given their vote of confidence to Hong Kong under the security law.

A few examples will show the amount of trust foreign businesses have put in the National Security Law since it helped restore peace and order, and improve the rule of law in the city.

The 1,400-member American Chamber of Commerce in Hong Kong said recently that it had “just purchased a new site in Central Hong Kong to foster dialogue, allow businesses to network…”. Earlier this year, Citigroup announced it would recruit up to 1,700 new employees in Hong Kong as part of its strategy to expand its business in the Guangdong-Hong Kong-Macao Greater Bay Area. Last month, Zurich Insurance (Hong Kong) said it will set up a new unit in Hong Kong after securing a license from the local insurance authority and increase its staff by 15 percent. And Morgan Stanley’s assets in Hong Kong increased by 70 percent last year, according to KPMG.

Contrary to US claims, the National Security Law will not undermine Hong Kong’s business environment, as it specifically targets subversives that intend to sabotage the SAR’s future and compromise China’s sovereignty. Enterprises doing business lawfully have nothing to fear; in fact, they are feeling more secure with many deciding to increase investments in Hong Kong thanks to the restoration of stability.

The fact that Washington is still issuing a “business risk warning” against Hong Kong, despite foreign enterprises reiterating their trust in the city, is a telltale sign of the administration’s desperation to contain China’s rise at all costs including using immoral means and trying to build anti-China alliances.

Yet it is fooling itself if it thinks it will succeed.