Letters | Hong Kong justice chief did well to call out US on business risks advisory

Secretary for Justice Teresa Cheng is right to call out the US government advice on the alleged increased risk of doing business in Hong Kong, as it reeks of hypocrisy (“The facts show Hong Kong remains a place for business to thrive”, July 22).

The American Chamber of Commerce in Hong Kong (AmCham) – which recently acquired its own office here instead of just renting, thus showing its intention to stay put – released in May the results of a poll which indicated that most American businesses did not intend to leave Hong Kong as they valued the excellent quality of life and superb business environment.

If anything, it is the deterioration of US-China relations that is creating problems for American businesses based in Hong Kong, of which there are the more than 1,300. As AmCham President Tara Joseph said, companies in the city are caught in the middle of antagonisms between the two powers.

Several leaders of American companies in the city have even raised their voices against the continuation by President Joe Biden of the confrontational approach started by Donald Trump.

Major US financial institutions including Citigroup, Morgan Stanley, BlackRock and Goldman Sachs have, since last year when the national security law was implemented, doubled down on their investments in China (including Hong Kong). They clearly see value ahead as these investments may take years to generate returns.