Hong Kong to adopt China’s anti-sanctions law
Hong Kong is all set to implement China’s anti-sanctions law. It will be implemented in some form in the country and will add fresh regulatory pressure on international companies.
- Anti-sanctions law was passed in China by its rubber-stamp legislature passed in June 2021 to counter Western penalties that were imposed after crackdowns in Hong Kong and Xinjiang.
- Power under the anti-sanctions law include- denial of visas, deportation, or seizing assets of those who formulate or comply with sanctions against businesses or officials in China.
- Under the law, foreign companies can be sued in Chinese courts to apply sanctions. The law can also be used against family members.
- For instance, if a bank refuses to implement U.S. sanctions could be cut off from access to the dollar. But those that adhere could find themselves in Beijing.
Aim of the anti-sanctions law
Basic purpose of the Anti-Sanctions Law is to defend China’s sovereignty, security and development interests.
About Hong Kong
The metropolitan area called Hong Kong is a special administrative region of China located on the Delta of eastern Pearl River in South China, having the area of 1,104 square kilometre. It is one of the most densely populated places worldwide.
History of Hong Kong
Hong Kong was established in 1841 as a colony of British Empire after the Qing Empire ceded Hong Kong Island from Xin’an County following the First Opium War. After the second opium war, colony expanded to the Kowloon Peninsula in 1860. It further extended in 1898 when Britain obtained a 99-year lease of the New Territories.