A recent survey by the American Chamber of Commerce shows about 39 per cent of the 154 firms surveyed are considering leaving Hong Kong over fears about the new national security law Beijing recently enacted in the city. Elaine Ly from the South China Morning Post speaks to Tara Joseph about some of the biggest challenges American businesses are now facing.
Respondents to an American Chamber of Commerce survey cited the law’s ambiguity, as well as reluctance among clients to deal with US firms for fear of entanglements. They also cited recent US sanctions and the revocation of Hong Kong’s preferential trade status as potential motivation for leaving the city
President Donald Trump’s move to end Hong Kong’s special status under U.S. law will hurt the country’s business interests and deepen pessimism about the Asian financial hub’s future, the American Chamber of Commerce’s local branch said.
Chamber breaks silence, saying withdrawal of preferential treatment ‘will hurt American businesses in Hong Kong’. Donald Trump signed the executive order this week in response to Beijing’s imposition of the national security law in Hong Kong
Tara Joseph, president at American Chamber of Commerce in Hong Kong, discusses how Hong Kong businesses are preparing for escalating tensions between the U.S. and China and their concerns over the national security law. She speaks on “Bloomberg Daybreak: Asia.” (Source: Bloomberg)
Seventy per cent of the 180 firms polled by the influential US business group say they have no plans to move capital, assets or operations outside the city. The 30 per cent planning to move at least some of their business elsewhere are eyeing London, Singapore, Taipei and the US as potential destinations.
Tara Joseph, president of the American Chamber of Commerce in Hong Kong, spoke to the South China Morning Post about the city’s current economic situation and future. Video source: South China Morning Post
Chairman of the American Chamber of Commerce in Hong Kong, Robert Grieves, spoke to finews.asia about how Beijing's recently proposed national security legislation could impact the financial industry and expat workers in the city.
Trying to contact French, British or American children who normally live in Hong Kong has become hard work these days. No, they are not at school or playing after-school sports. Many expatriate students, stretching from kindergarten age through to high school, are simply out of town. So are their parents.