news-details

China threatens to retaliate over U.S. bill that could shutter Hong Kong trade offices

An exterior view of the U.S. Capitol in Washington, DC on September 9, 2024. Members of the Senate and U.S. House of Representatives return to the Nation's capitol, following their August recess.

American lawmakers have passed a bipartisan bill that could eventually lead to the shuttering of Hong Kong's U.S.-based trade offices, drawing strong condemnation from the Chinese-ruled city and Beijing.

The legislation, the Hong Kong Economic and Trade Office Certification (HKETO) Act, was passed by the U.S. House of Representatives with overwhelming support on Tuesday.

If it clears the Senate and is signed into law, HKETO would require the U.S. secretary of state to annually review the "privileges, exemptions and immunities" granted to Hong Kong's Economic and Trade Offices.

And if the secretary of state determines an office to no longer enjoy a "high degree of autonomy" from the Chinese government or to pose other concerns, such as those related to national security, it will be required to terminate operations.

Beijing strongly condemned the act's passing on Wednesday, accusing the U.S. of politicizing normal economic cooperation and attempting to contain Hong Kong's development.

Related Posts
Advertisements
Market Overview
Top US Stocks
Cryptocurrency Market