As part of a series of actions against the global threats posed by the Chinese Communist Party, the U.S. Senate passed Hong Kong Autonomy Act unanimously, a bipartisan bill that would impose sanctions on CCP officials, businesses and banks in response to the CCP’s national security law in Hong Kong.
The US-CCP relation reached a point of no return when Pompeo and Yang Jiechi met in Hawaii.
The Hong Kong Autonomy Act is part of the legislative effort for the decoupling of the two biggest economies in the world.
Chinese dissident Miles Guo said today during his live stream on G-TV (https://gtv.org) that the CCP could only last from thirty days to three months under the full-scale pressure from the international anti-CCP coalition led by the US.
Please click here for the details of the bill:
According to the US government website:
The President may waive or terminate the imposition of sanctions under this bill. Congress may override such a waiver or termination by passing a joint resolution of disapproval.
This bill imposes sanctions on foreign individuals and entities that materially contribute to China’s failure to preserve Hong Kong’s autonomy.
Hong Kong is part of China but has a largely separate legal and economic system with protections for civil rights such as freedom of speech. This arrangement is enshrined in (1) the Joint Declaration, a 1984 treaty pertaining to the United Kingdom’s transfer of Hong Kong’s sovereignty to China; and (2) the Basic Law, Hong Kong’s constitutional document.
The Department of State shall report annually to Congress information about (1) foreign individuals and entities that materially contributed to China’s failure to comply with the Joint Declaration or the Basic Law; and (2) foreign financial institutions that knowingly conducted a significant transaction with such identified individuals and entities. An individual, entity, or financial institution may be excluded from this report for various reasons, such as to protect an intelligence source.
The President may impose property-blocking sanctions on an individual or entity named in a report, and visa-blocking sanctions on a named individual. Such sanctions are mandatory if an individual or entity is named in two reports. The President shall impose various sanctions on a financial institution named in a report, such as prohibiting the institution from receiving loans from a U.S. financial institution.