Hong Kong finance chief Paul Chan says city has nothing to fear from Donald Trump sanctions over national security law

Experienced in dealing with crises, city will aim to strengthen trade ties with Europe, Japan

‘Little impact’ from Trump’s measures as exports to US account for only 0.1 per cent of total exports

Reading Time:3 minutes

Several economists have offered gloomy predictions for Hong Kong’s future but the finance minister has been upbeat about its prospects in the event of US sanctions. Photo: Reuters

Published: 4:52pm, 30 May 2020Updated: 12:03am, 31 May 2020

The United States’ decision to revoke preferential treatment for Hong Kong will have “little impact” on the city’s economy, according to Financial Secretary Paul Chan Mo-po.

He said Hong Kong was experienced in handling financial challenges, had anticipated a fallout from worsening China-US trade friction, and had nothing to be afraid of.

Given US action targeting the city and restricting exports of high-technology products, he said Hong Kong should aim to strengthen ties with other trading partners, including countries in Europe and Japan.

Financial Secretary Paul Chan says Hong Kong is prepared for the American sanctions. Photo: Nora Tam

He said this in an interview with Global Times, a nationalist tabloid affiliated with the Communist Party mouthpiece People’s Daily, hours before President Donald Trump’s official announcement on Friday that the US would begin eliminating Hong Kong’s special policy exemptions.

Earlier, amid concern over Beijing’s decision to draft a national security law tailor-made for Hong Kong, US Secretary of State Mike Pompeo declared that the city no longer maintained a high degree of autonomy from the mainland.

Select Voice

Choose your listening speed

Get through articles 2x faster

1.25x

250 WPM

Slow

Average

Fast

00:0000:00

1.25x