HK-based US businesses to suffer in recent Biden admin advisory

Hong Kong asserted the National Security Law reinforced its position as a financial and business hub.

The Hong Kong government warned that US businesses and citizens will be casualties of the tension between the two territories after the Biden administration’s advisory relating to the National Security Law.

“The US Administration's latest attempt to issue a so-called ‘advisory’ to US businesses and individuals operating in Hong Kong-based on totally ridiculous and unfounded fear-mongering about the situation in Hong Kong only serves to prove yet again its hypocrisy and double standards, driven by ideological hegemony,” a government spokesman said.

“The main victims of this latest fallout will sadly be those US businesses and US citizens who have taken Hong Kong as their home.”

The US Department of State, together with the US Department of the Treasury, Department of Commerce and Department of Homeland Security, issued a business advisory to businesses operating in Hong Kong.

The advisory warned that the policies of the People’s Republic of China and the government of Hong Kong undermine the legal and regulatory environment that allows firms and individuals to operate freely and with legal certainty.

The Hong Kong government dismissed the advisory as a “continuation of US blatant interference” in the internal affairs of China and Hong Kong.

It also asserted that the National Security Law did not undermine, rather it reinforced Hong Kong’s position as an international financial and business hub.

Follow the links for more news on

Join Hong Kong Business community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

Unemployment rate rises to 5.4% from February to April
The total number of unemployed people stands at 206,100.   The unemployment rate rose by 0.4 percentage points to 5.4%  from February to April, when compared to the January to March period.    Based on the data from the Census & Statistics Department (C&SD), the total number of unemployed people from February to April was 206,100, an increase of 17,600 from the preceding three-month period.   Meanwhile, the number of unemployed rose by around 25,000 to 142,000, translating to a rate of 3.8%.   With the increase in the number of jobless and underemployed individuals, total employment dropped to 3,559,200, whilst the labour force fell to 3,765,300.   The deterioration of Hong Kong’s labour market however should see an improvement in the coming months, according to Secretary for Labour & Welfare, Dr Law Chi-kwong.   The receding local epidemic situation and progressive relaxation of social distancing measures, the new round of Consumption Voucher Scheme, and Other relief measures including the 2022 Employment Support Scheme should help drive improvement in the employment sentiment, said the C&SD.  
Economy