China analysts as well as investors are closely watching the counter measures that China has vowed to take after US President Donald J. Trump signed the Hong Kong Act into law. Besides the Hong Kong Human Rights and Democracy Act, the US President also signed another bill on Wednesday that prevents the sale of tear gases and rubber bullets to Hong Kong.
Under the new law, Hong Kong will be reviewed annually to check if Hong Kong has retain enough autonomy in order to enjoy certain considerations from US in trade. Also, the US have discontinued the sale certain ammunition to Hong Kong which were being widely used by the Hong Kong police during the Hong Kong protests.
It may be noted that US and China have yet to reached a trade deal latest by December 15, failure of which additional US tariffs on Chinese imports will be levied. Meanwhile, Chinese spokesperson, Geng Shuang from the foreign ministry, is reported to have said that China will take strong counter measures against US in retaliation of the signing of Hong Kong Human Rights and Democracy Act into law by United States and further said that measures taken by the US is ‘a stark hegemonic practice & a severe interference in Hong Kong affairs, which are China’s internal affairs’.
Earlier this week, Hong Kongers ousted pro-establishment camp by voting for the pro democracy camp, thus helping it win 17 of the 18 Hong Kong District Council. The Hong Kong Act effectively became a law barely days after the win of the pro-democracy camp and have witnessed strong condemnation from Beijing. All eyes are now on what sort of counter measures China is going to take.
Hong Kong has been reeling under massive protests since June after its Chief Executive, Carrie Lam, decided to passed an extradition bill that would have allowed fugitives from China to be send back to mainland for trial. The extradition bill have been withdrawn days before the anniversary of the People’s Republic Of China but the protesters are now demanding for genuine universal suffrage.