China to back Hong Kong in maintaining tariff zone
Print Edition
BEIJING will support Hong Kong in maintaining its separate tariff zone and oppose external forces intervening in Hong Kong’s affairs, the Chinese Commerce Ministry said yesterday.
“China will support the Hong Kong Special Administrative Region in maintaining its separate tariff zone, and consolidating and enhancing its position as an international financial, trade, and shipping center,” the spokesman of the Ministry of Commerce Gao Feng responded to Trump’s threat to end special trade status for Hong Kong.
“The central government will always back Hong Kong’s prosperity and development,” he cited.
US President Donald Trump announced last week that he planed to revoke Hong Kong’s preferential treatment as a separate customs and travel territory from the rest of China. Gao said the legal foundation for Hong Kong’s separate tariff zone is covered by a World Trade Organization agreement. It was agreed on by the Chinese government and affirmed by the Basic Law.
“The status was established by the multilateral rule of the WTO, and approved by other members of the organization rather than one particular member,” said Gao, warning that the US is threatening to ignore the basic principles of international relations and take unilateral action.
China will firmly implement the “one country, two systems” principle and oppose external forces intervening in Hong Kong’s affairs, said the spokesperson.
According to Gao, the decision adopted by China’s National People’s Congress to make bational security law for Hong Kong only targets extreme behaviors that endanger the country’s safety.
“It will not affect the high degree of Hong Kong’s autonomy, or Hong Kong residents’ legitimate rights and freedom, or damage foreign investors’ legitimate rights there. Instead, it will benefit China’s business and investment environment, Hong Kong’s long-term prosperity and stability, and help the long-term stability of the ‘one country, two systems’ policy,” he added.
The national security law will close legal loopholes involving national security in Hong Kong and outlaw separatism, subversion, terrorism and foreign interference.
A spokesman of China’s banking regulator said separately that Hong Kong’s status as a financial hub will not be shaken by the potential sanctions.
“Hong Kong’s financial market is running smoothly ... and there is no abnormal capital outflow,” said the spokesman, adding that this reflects the international market’s confidence in the city.
The commerce ministry yesterday also said that China has seen a good momentum of recovery in the consumer market, with over 95 percent of major companies in the retail sector having resumed work.
As of June 1, the rate of work resumption of major enterprises had exceeded 95 percent, the ministry said. Meanwhile, on 11 pilot pedestrian street malls it has decided to transform and upgrade, 94.5 percent of stores had opened for business, while passenger traffic and turnover had recovered to 80.3 percent and 81.6 percent, respectively, from the same period last year.
In late May, the average daily sales of retail businesses rose 4.8 percent from mid-May.
In addition, the business activity indexes of the retail sector and catering industry both exceeded 55 percent in May. The retail sector has remained above 50 percent for three consecutive months, while the catering industry index is over 50 percent for the second consecutive month, according to the National Bureau of Statistics.
“With regard to supporting small and micro enterprises in the field of commerce and trade circulation, we will work together with relevant departments to take the promotion of the small shop economy as the main task, accelerating their development in facilitation, characteristics and digitization,” said Gao.
“We will promote the formation of a multi-tiered, multi-category small shop economy, and encourage small and micro businesses engaged in the commerce and trade sector to increase employment, expand consumption and boost economic vitality,” Gao added.
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