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Biden to Warn US Firms to Expect Greater China Risks in Hong Kong, FT Reports

Hong Kong protesters last year took to the streets to oppose new laws imposed by China. Photo: Reuters

(AF) The White House will warn US companies that they face increasing risks if they continue to operate in Hong Kong, according to a report in the Financial Times.

President Joe Biden is said to be considering the move in response to China’s increasing control over the semi-autonomous former British colony, the report stated, citing sources familiar with the deliberations. 

Of concern are new rules that enable Beijing to access data that foreign companies store in the southern city and also measures that could see authorities sanction anyone that enables foreign penalties to be levelled against Chinese “groups and officials”, the report added.

The FT report added that Biden would also update US penalties that are applied to firms whose supply chains are seen to benefit form forced labour in Xinjiang. 

Mark McCord

Mark McCord is a financial journalist with more than three decades experience writing and editing at global news wires including Bloomberg and AFP, as well as daily newspapers in Hong Kong, Sydney and Melbourne. He has covered some of the biggest breaking news events in recent years including the Enron scandal, the New York terrorist attacks and the Iraq War. He is based in the UK. You can tweet to Mark at @MarkMcC64371550.


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