Washington's declaration this week that Hong Kong is no longer sufficiently autonomous from China was a historic moment with potentially far-reaching consequences for the finance hub -- though much depends on President Donald Trump.
The revocation of special status could radically rearrange the fortunes of a city that has served for decades as the global economic gateway to China . AFP/Nicolas ASFOURI
In the run-up to Britain returning Hong Kong to China in 1997, a “one country, two systems” deal was forged to allow the city to maintain certain freedoms and autonomy for 50 years. Reciprocal visa-free travel deals, a dollar-pegged currency, the world’s fourth-largest stock exchange as well as business-friendly laws, taxes and legal protections greased the wheels of commerce.
“This will affect the full range of agreements, from our extradition treaty to our export controls on dual-use technologies and more, with few exceptions,” he added.Julian Ku, an expert on international law at Hofstra University, said the president has “lots of flexibility”. Hong Kong’s fate has produced rare bipartisan support in Washington with lawmakers last year passing a bill punishing China.
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