Biden to Aim Hong Kong Warning at Investors Shrugging Off Risks
- ‘Business advisory’ on Friday will flag China’s grip over city
- Major banks have ramped up hiring in Hong Kong despite risks
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A formal warning the Biden administration plans to issue to companies doing business in Hong Kong springs from U.S. officials’ concern that investors aren’t taking the risks of operating in the city seriously enough, according to people familiar with the issue.
The key message in the administration’s “business advisory” Friday will be that Hong Kong’s once-independent legal system is now essentially as subject to government interference as mainland China’s, where the ruling Communist Party has almost complete control, according to the people, who asked not to be identified discussing the document before it’s public.