Observers have warned that such legislation undermines Hong Kong’s judicial independence under “one country, two systems”, prompting questions about the city’s continued autonomy. “No reasonable person can assert today that Hong Kong maintains a high degree of autonomy from China, given facts on the ground,” declared US Secretary of State Mike Pompeo today. The Hong Kong Monetary Authority (HKMA), Hong Kong’s central bank, clarified however that free flow of capital and free convertibility of the HK$ will continue pursuant to Hong Kong's Basic Law.
SINGAPORE (May 28): It has been a tense week for Hong Kong. Civil unrest has re-emerged following the proposed passage of a controversial National Security Law by the Chinese central government. This has prompted the US to deem the territory no longer “autonomous” from the mainland, potentially threatening the special trade status it enjoys with the US amid growing US-China great power conflict.
The latest move in a prolonged tussle between Beijing and Hong Kong over the latter’s autonomy within the “one country, two systems” framework, the legislation – announced at the 2020 session of China’s National People’s Congress – broadly seeks to criminalise “treason”, “secession”, “subversion”, “terrorism” and “foreign interference” in Hong Kong. Such legislation is aimed squarely at the widespread protests that have rocked the city since last year, which Beijing believes is the product of "foreign interference".
