(HorizonPost.com) – On July 1, 1997, the United Kingdom officially ceded the governance of Hong Kong to the People’s Republic of China (PRC). Two major points in the agreement were that the island nation would be allowed to keep its capitalist forms of business and enjoy freedoms not seen on the mainland for 50 years — until 2047.
In less than half that time, specifically 23 years to the day, Beijing enacted the national security law for Hong Kong (NSL), essentially reneging on the agreement. In the year since that came into being in 2020:
- Schools were forced to replace textbooks. Especially those that referenced Taiwan as an independent nation.
- Democratic elections for Hong Kong’s legislature were postponed until 2021, with another delay until 2022 seeming likely.
- The first person facing charges under the NSL was denied a jury trial.
All of these events and more have led President Joe Biden to issue an advisory to businesses with concerns in Hong Kong to be aware of the impact the PRC crackdown could have. Concerns include revoked business licenses, as well as the arrest and detention of employees.
FACT SHEET: Developments over the last year in Hong Kong (HK) present clear operational, financial, legal & reputational risks for multinational firms. This HK Business Advisory provides companies w/ info. that can assist them in making informed decisions: https://t.co/TBEqMRNWBC
— U.S. Asia Pacific Media Hub (@eAsiaMediaHub) July 17, 2021
The administration also issued sanctions against several individuals in addition to those previously penalized by former President Donald Trump. However, the NSL provides civil and criminal penalties against people and businesses that try to enforce such orders issued by their respective governments.
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