[Epoch Times August 20, 2021](Epoch Times reporter Zhao Fenghua comprehensive report) At the CCP’s National People’s Congress meeting that ended on August 20, unexpectedly did not vote to include the “Anti-Foreign Sanctions Law” in the draft of Annex III of Hong Kong’s Basic Law . Scholars believe that after the CCP authorities assessed the economic risks, they halted the bill urgently.
On the 17th, the Chinese Communist Party’s official media stated that on the 20th, it will consider the implementation of Hong Kong’s Anti-Foreign Sanctions Law (hereinafter referred to as the counter-law) at the meeting. But there was no vote on the 20th. Regarding the sudden shelving of the bill, Tan Yaozong, a representative of the Hong Kong People’s Congress who participated in the meeting, said in a media consultation that the Standing Committee of the National Committee reviewed the proposal to add Annex III laws. .
Scholar: For fear of scaring foreign capital away, voting will be suspended temporarily
The Chinese political scholar Chen Daoyin told Radio Free Asia that the Standing Committee of the National People’s Congress temporarily stopped voting, which is unusual. It is believed that the decision was made by the high level of the Central Committee of the Communist Party of China, which was related to the recent economic situation in China.
Chen Daoyin said: “Whether to be listed or suspended is up to the Central Committee of the Communist Party of China to decide by the Politburo or the Politburo Standing Committee. It is temporarily suspended. It is listed on Tuesday and suspended on Friday. It can only be said that the situation is more urgent. The mainland is against Hong Kong. To implement comprehensive governance, it is politically necessary to promulgate the “Counter-Control Law”, but it is not feasible objectively and economically, at least not currently. Because Hong Kong, as an international financial center, cannot scare away foreign capital. “
Hong Kong current affairs commentator Liu Ruishao also stated to Free Asia that many of the policies recently proposed by Beijing have caused concerns for foreign investors. The implementation of the “Counter-Control Law” has caused more actual injuries than can be deterred, such as in Hong Kong. Enact new laws, worrying that foreign capital will be scared away.
Liu Ruishao said: “Recently, Xi Jinping has not said that he hopes that Chinese companies will be prosperous together. Such a method will cause foreign investors to worry about it. Sooner or later, it will be used on foreign capital. If the “Counter-Control Law” is implemented in Hong Kong, it will also This situation has caused foreign investment to choose between the Chinese market and the domestic or international market. This situation has scared off foreign investment. Beijing considered the actual interests and temporarily put the bill down.”
Why does the Hong Kong business community fear the “Counter-Control Law”?
Recently, the United States and other Western countries have imposed a series of sanctions on CCP officials in response to the human rights issue in Xinjiang and the Hong Kong issue. On June 10 this year, the Chinese Communist Party authorities passed the “Countermeasure Law”, that is, relevant departments can decide to include foreign organizations and individuals involved in sanctions against Chinese Communist Party officials on the anti-sanctions list, and impose restrictions on entry, seizures, and detentions. Sanctions on assets in China.
According to the principle of one country, two systems, these Chinese laws will not be implemented in Hong Kong. However, according to Hong Kong’s Basic Law, if national laws are included in Annex III, they can be implemented in Hong Kong through local legislation or direct announcement. Once implemented, international banks with operations in Hong Kong may face pressure to “choose sides” when implementing US sanctions.
Earlier, Agence France-Presse quoted people in the Hong Kong banking industry as saying that if they choose to implement sanctions from China or the United States, banks will probably choose to implement sanctions from the United States, because the use of U.S. dollars is “too important for banks.”
Guo Jiarong, chairman of the Hong Kong Financial Industry Workers’ Union, said in an interview with our newspaper’s “True Words” program that not only foreign banks, but also Chinese banks in Hong Kong will closely follow the sanctions imposed by the United States because they are more afraid of loss. Dollars.
Editor in charge: Sun Yun#
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