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Biden to warn U.S. companies of risks of operating in Hong Kong - FT

Stock MarketsJul 13, 2021 05:40AM ET
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© Reuters. U.S. President Joe Biden meets with his Attorney General Merrick Garland, law enforcement officials, and community leaders to discuss gun violence reduction strategies at the White House in Washington, U.S. July 12, 2021. REUTERS/Leah Millis

(Reuters) -The U.S. government will this week warn companies of increasing risks of operating in Hong Kong and also update a previously issued warning on Xinjiang, the Financial Times reported on Tuesday.

The report said that U.S. companies face threats including the Chinese government's ability to gain access to data that foreign companies store in Hong Kong.

The risks also included the new law that allows Beijing to impose sanctions against individuals or entities involved in making or implementing discriminatory measures against Chinese citizens or entities, the FT said https://on.ft.com/2UK19Sw, citing three people familiar with the matter.

On Tuesday, the United States will update a warning that former President Donald Trump's administration issued on Xinjiang last year, FT said, adding that it will stress on the legal risks that companies face unless they ensure that their supply chains are not implicated in forced labour in Xinjiang.

This warning is "typical political manipulation and double standards" by Washington, Chinese foreign ministry spokesman Zhao Lijian told a press briefing in Beijing on Tuesday.

He said the rights of foreign investors in Hong Kong are clearly protected by Hong Kong's laws, including the Basic Law, its mini constitution.

The FT report also said that the United States will impose more sanctions this week in response to China's crackdown on pro-democracy protests in Hong Kong and alleged human rights abuses in Xinjiang.

China dismisses accusations of genocide and forced labor in Xinjiang and says its policies are necessary to stamp out separatists and religious extremists who plotted attacks and stirred up tension between mostly Muslim ethnic Uyghurs and Han, China's largest ethnic group.

Biden to warn U.S. companies of risks of operating in Hong Kong - FT
 

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Comments (3)
David David
David9 Jul 13, 2021 6:44AM ET
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We are the bad apples on the international stage....always working to disrupt countries internal affairs... the world would be a much more happier place if we stop going abroad, instead focus on homelessness, guns and violence, racism and hate, infrastructure, high medical, high housing, etc... real problems at home that need attention....
CHADWICK RICHINGTON
CHADWICK RICHINGTON Jul 13, 2021 4:43AM ET
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Anyone see China’s trade surplus that just came in? They own the USA.
Jokers R Us
Jokers R Us Jul 13, 2021 2:39AM ET
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Instead of warning china he warns US companies. We need to start charging politicians with treason.
IceIce Baby
IceIceBaby Jul 13, 2021 2:39AM ET
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HK is now China if you like it or not. (I personally not.) The only thing he can do is warn US companies that rules have changed, better off. Btw. US companies are well aware of that I guess.
Benjamin McIntire
Benjamin McIntire Jul 13, 2021 2:39AM ET
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Treason is what happened Jan 6 mate.
 
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