customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

helpersCheckIsPostiesArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

moreOnThisArticles

urlAlias

commentCount

sponsorType

authorLocations

authors

paywallTypes

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

socialHeadline

headline

flag

firstTopic

glossary

flattenTypeIds

publishedDate

additionalInfoBoxes

images

image

relatedLinks

relatedNewsletters

__typename

createdDate

sponsor

factSheets

series

knowledgeQuestion

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

copyrighted

customTimezone

liveContents

Peace Chiu

Hong Kong’s finance chief on Saturday warned that the passage of a US bill written to support democratic freedoms in Hong Kong by increasing pressure on Chinese authorities could damage the city’s appeal to overseas investors.
The proposed Hong Kong Human Rights and Democracy Act edged closer to becoming a law this week after it passed committees in the House and Senate. Beijing, in turn, rebuked Washington for trying to interfere in its domestic affairs.
Financial Secretary Paul Chan Mo-po, speaking on a local radio programme on Saturday, said: “Because the bill has received support across parties, the chances of it being passed are very high.”
He said how President Donald Trump and the US government viewed the bill was still unknown.
“Passing the bill in itself will not have immediate effects,” Chan said.
He said the impact would depend on how the US State Department evaluated Hong Kong’s situation under the “one country, two systems” principle.
He noted, however, that there would be psychological effects if the bill was approved.
“If such a bill is passed, how will businesses, such as overseas investors, view Hong Kong?” he said. “Will they be more careful before making investments in Hong Kong?”

The bill, if approved, would require the US government to each year assess Hong Kong’s level of political autonomy to determine whether it should continue to grant special trade status under the US-Hong Kong Policy Act of 1992.
Critics have said the measure could influence Beijing’s strategy on Hong Kong, because losing the special trade status would affect investment in mainland China as well as the city.
The American Chamber of Commerce in Hong Kong, which has about 1,400 members, warned on Friday that some of the sanctions the bill stipulates, such as penalties for officials determined to be acting against freedoms and openness, could harm both the US and Hong Kong.
The bill is scheduled for a floor vote in the House of Representatives in October.
During the radio show, Chan also warned that Hong Kong could enter a “technical recession” in the third quarter, with unemployment increasing in the retail, hotel, food and beverage and construction sectors.
A technical recession means at least two consecutive quarters of economic contraction.

Chan compared Hong Kong’s financial situation to a typhoon No 3 signal. He cited the plunge in tourist arrivals, which dropped 40 per cent year on year in August and fell more than 30 per cent in the first weeks of this month.
“Our initial assessment is that the economic performance for the third quarter will still be very challenging and it is highly likely that we will be registering quarter-on-quarter negative growth again for this quarter,” he said.
Chan again ruled out a relaxation of home mortgage policies as a way to improve the housing situation, saying such a move could affect Hong Kong’s financial safety.
Instead, he said mortgage insurance was more feasible because it would not have such a big impact on the financial system.
The Hong Kong Mortgage Corporation provides mortgage insurance schemes to help those who struggle to come up with the 30 per cent down payment on a home.
The group’s Mortgage Insurance Programme allows potential homebuyers to get an 80 per cent loan-to-value mortgage for flats worth up to HK$6 million (US$765,282) and a loan-to-value mortgage of 90 per cent on homes worth HK$4 million or less.


Most damage caused in 2019 Hong Kong protests repaired; protective fencing also removed from some bridges after review by authorities

Ex-lawmaker charged with rioting tells Hong Kong court he only went to scene of mob attack in 2019 as he feared ‘something bad might happen’

Hong Kong actor Gregory Wong convicted of rioting at Legco during 2019 anti-government protests

Hong Kong ex-opposition lawmaker has case to answer over allegedly instigating mob violence at Yuen Long MTR station in 2019

Hong Kong extradition bill

Financial Secretary Paul Chan warns US bill – the Hong Kong Human Rights and Democracy Act – could damage city’s appeal to overseas investors

Financial Secretary Paul Chan warned that the passage of the US rights bill would have a psychological effect on Hong Kong. Photo: Dickson Lee

(190831) -- HONG KONG, Aug. 31, 2019 (Xinhua) -- Photo taken on Aug. 27, 2019 shows the scenery of the Victoria Harbour in Hong Kong, south China. Hong Kong's favorable international image and business environment has been tarnished as violent and disruptive protests have been going on for more than two months. The disturbance's direct and negative effects on the economy are visible in the retail, catering and tourism industries, which have to resort to layoffs amid the sharp declines in sales, customer numbers and revenue. In the June-July period, average earnings for tourism workers plunged by 74 percent, while the number of tours in Hong Kong fell 74 percent on average, according to a survey by the Hong Kong Tour Guides General Union. (Xinhua/Li Gang)

Protesters join a march from Chater Garden to the Consulate General of the United States in Central for the Anti-Extradition Bill Protest â praying for Hong Kong: petition for Hong Kong human rights and democracy act. 08SEP19 SCMP / Felix Wong

News

Hong Kong

Hong Kong economy


The Hong Kong Human Rights and Democracy Act edged closer to becoming law this week after it passed committees in the House and Senate
Chan also warned city could slip into a ‘technical recession’ in the this quarter of the year



The Hong Kong Human Rights and Democracy Act edged closer to becoming law this week after it passed committees in the House and Senate.


Financial Secretary Paul Chan warns US bill – the Hong Kong Human Rights and Democracy Act – could damage city’s appeal to overseas investors

The Hong Kong Human Rights and Democracy Act edged closer to becoming law this week after it passed committees in the House and Senate Chan also warned city could slip into a ‘technical recession’ in the this quarter of the year

The Hong Kong Human Rights and Democracy Act edged closer to becoming law this week after it passed committees in the House and Senate

Chan also warned city could slip into a ‘technical recession’ in the this quarter of the year