Hong Kong community leaders on Wednesday condemned US curbs on cutting-edge technologies investments in China, warning that the move disrupts the global economic order and will surely backfire.
Their remarks followed Washington’s announcement of new restrictions, effective Jan 2, banning US individuals and corporations from investing in emerging-technology industries — such as artificial intelligence and semiconductors — in China, including the Hong Kong and Macao special administrative regions.
READ MORE: Chinese ministry, HKSAR govt condemn US curbs on tech sector
Both the central authorities and the Hong Kong SAR government voiced strong opposition to the policy on Tuesday.
Lau Siu-kai, a consultant with the Beijing-based think tank Chinese Association of Hong Kong and Macao Studies, described the move as an escalation of continued US suppression of Hong Kong, which includes blocking the flow of high tech into the city, amid the US’ opposition to the National Security Law for Hong Kong since its promulgation in June 2020.
While acknowledging that the city’s technological development and exchanges with US industries will face challenges, Lau said that Hong Kong is able to make scientific progress by leveraging its unique advantages, utilizing the nation’s technological advancements, and collaborating with Chinese mainland scientists.
Lau said that US-based anti-China forces’ attacks have prompted some Chinese American scientists in the US to consider relocating, presenting an opportunity for Hong Kong to attract these professionals to the city.
He said he believes such cooperation will enhance Hong Kong’s innovation and technology capabilities, and support its vision as a global talent hub, ultimately contributing to the nation’s high-quality development.
On Wednesday afternoon, lawmakers and members from the city’s largest political party, the Democratic Alliance for the Betterment and Progress of Hong Kong, staged a protest against the US ban outside the US Consulate General in Hong Kong.
Legislator Holden Chow Ho-ding said the US’ bullying actions will hinder normal bilateral trade and investment. Such “unscrupulous” actions have prioritized political interests over the US companies’ welfare, Chow said.
In 2023, the US was Hong Kong’s third-largest trading partner, with the total trade value between the two sides reaching HK$472.2 billion ($60.76 billion).
By 2022, the US ranked sixth in inward direct investment into Hong Kong and eighth in outward direct investment from Hong Kong, according to the Hong Kong SAR government.
READ MORE: CE: US tech investment restrictions set to backfire
Chow also accused the US government of turning its back on global well-being, since AI and other advanced technologies’ development are for the greater good of humanity.
Lawmaker Edward Leung Hei expressed strong dissatisfaction with US’ effort to suppress China’s peaceful development, calling the restrictions poorly justified and ironic for a self-proclaimed guardian of free trade.
Leung urged the global community to see through the true nature of US hegemony, and called for joint actions to maintain fair and mutually beneficial free trade.
