Algernon Yau Ying-wah, secretary for commerce and economic development for the Hong Kong Special Administrative Region government, gives an interview to members of the media at the Central Government Office on June 27, 2023. (CALVIN NG / CHINA DAILY)

The business sector in Hong Kong has expressed regret over the passage of the Hong Kong Economic and Trade Office Certification Act, saying the bill undermines the mutually beneficial relationship between Hong Kong and the United States over the years, but the city's overall competitiveness will not be easily weakened.

Replying to an enquiry from China Daily, the Chinese Manufacturers’ Association (CMA) of Hong Kong said if Hong Kong Economic and Trade Offices (ETOs) in the US are forced to close, American companies that intend to use Hong Kong to enter the huge mainland market will lose the support and information they deserve while it will also hinder Hong Kong's investment promotion work in the US.

Secretary for Commerce and Economic Development Algernon Yau Ying-wah said the US should consider carefully the removal of privileges, exemptions and immunities of the Hong Kong ETOs in the US and even their closure

CMA cited government statistics to reveal that, in the first five months of this year, 186 companies have settled in Hong Kong, and various talent admission schemes have received a total of about 83,000 applications, demonstrating that Hong Kong is very attractive to international investors and talents.

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CMA highlighted that Hong Kong ETOs in the US have made significant contributions to promoting exchanges and cooperation in the fields of economy, trade, investment and culture between Hong Kong and the US. The US move is undoubtedly detrimental to others and it is also unfavorable to itself, CMA said.

The US Senate Committee on Foreign Relations approved the Economic and Trade Office Certification Act last week, which called for the removal of the privileges, exemptions and immunities to the Hong Kong ETOs in the US and even their closure. The Hong Kong Special Administrative Region government has issued a statement last Friday opposing the bill.

Meanwhile, Secretary for Commerce and Economic Development Algernon Yau Ying-wah said the US should consider carefully the removal of privileges, exemptions and immunities of the Hong Kong ETOs in the US and even their closure.

Speaking on TV on Sunday, Yau said the possible closure would affect the cooperation between the SAR and the US. "The bill will not be beneficial to both sides, and I hope that the US will carefully consider such bills that are detrimental to oneself as well as others," he said.

READ MORE: US urged to stop advancing HK economic, trade office act

In the statement last Friday, the Hong Kong SAR reiterated that the 14 overseas ETOs, including the three ETOs in the US, have been established in accordance with the "one country, two systems" principle,  Article 156 of the Basic Law, and legislation of the host countries.

Hong Kong SAR currently maintains ETOs in Washington DC, New York and San Francisco to foster economic and trade relations and cooperation on different fronts between Hong Kong and the US on a mutually beneficial basis.