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By Shubhangi Mathur, 6:04 PM ET
Biden administrationon Friday warned businesses with operations in Hong Kong of regulatory risksdue to China’s attempt at restricting freedom in Hong Kong.
The HongKong Business Advisory which is jointly published by the departments ofState, Treasury, Commerce and Homeland Security has warned that US firms arefacing risks due to China’s national security law in Hong Kong.
“Beijing has chipped away at HongKong’s reputation of accountable, transparent governanceand respect for individual freedoms, and has brokenits promise to leave Hong Kong’s high degree of autonomy unchangedfor 50 years,” Secretary of State Antony Blinken wrote in a statement, reportedCNBC.
“In the face of Beijing’s decisions over the pastyear that have stifled the democratic aspirations ofpeople in Hong Kong, we are taking action. Today we send a clearmessage that the United States resolutely stands with Hong Kongers,” headded.
Biden administration has also imposed sanctions on sevenChinese officials for breaching Hong Kong’s autonomy.
Biden administration, in the earlier week, has warnedbusinesses with links from China’s Xinjiang province on the grounds of growinggenocide and other human rights violations.
(Withinputs from CNBC)