In their open letter to US Treasury Secretary Janet Yellen last week, John Moolenaar and Raja Krishnamoorthi, respectively chairman and ranking member of a House select committee on China, urged Yellen to rethink ties with Hong Kong’s banking sector, alleging that the special administrative region has become a top location for money laundering, sanctions evasion and other illicit financial activities, although they did not provide any convincing evidence to support these allegations.
They vehemently attacked the Hong Kong national security law that came into force in July 2020 as a political tool that effectively subjects Hong Kong to Beijing’s control, and demanded that the Treasury Department brief the select committee on the current status of the relationships between US and Hong Kong banks, how US policies have shifted to account for the changes in Hong Kong’s status and posture, and the measures the Treasury plans to implement to address the risks.
The two US congressmen, along with the hawkish committee they sit on, are known for their Cold War mentality and their view of Sino-US relations as a zero-sum game. Their intent is to defame Hong Kong’s reputation as an international financial center and discredit the practice of “one country, two systems” in Hong Kong.
The Chinese side firmly opposes unilateral sanctions and “long-arm jurisdiction”, which have no basis in international law or authorization from the UN Security Council. No matter what excuses the US side uses to justify the unilateral sanctions, it cannot change the fact that its unilateral sanctions are against international norms and international laws. The letter is a political manipulation that exposes the hegemonic nature of the US.
Hong Kong is a world-renowned financial center under the rule of law. Recently, Hong Kong successfully hosted the Global Financial Leaders’ Investment Summit and the annual meeting of the International Financial Forum. These two important meetings had the participation of senior financial officials as well as heads of financial institutions from a good number of countries and regions, and were votes of confidence in Hong Kong’s status as an international financial center.
Beijing is firm in its determination to implement the principle of “one country, two systems”, and its resolve to safeguard China’s sovereignty, security and development interests, and it will staunchly oppose any external interference in Hong Kong affairs.
The US politicians should face up to the reality that Hong Kong has long been returned to the motherland, recognize the irresistible historical trend of Hong Kong’s prosperity, stop smearing Hong Kong and refrain from meddling in China’s internal affairs.