Any counter measures that China lobs back in retaliation for the U.S. revoking Hong Kong's special status will not likely to hurt American investors, according to Regina Ip.
with the United States. Trump did not give details about exactly what steps would be taken.
His decision was in response to China approving a proposal for a controversial new security law for Hong Kong — critics say the law will grant the central government sweeping powers to crush dissent. Regina Ip, a member of Hong Kong's Executive Council and Legislative Council, told CNBC that Beijing could take steps to retaliate if the U.S. freezes the assets of Chinese officials, for instance.
"If the U.S. freezes Hong Kong assets, or Chinese assets, Beijing could take counter measures," she said. "There are no specifics yet, although the Chinese have said that if the U.S. imposes sanctions on Hong Kong, there will be counter measures."The Chinese territory was dogged by months of pro-democracy protests last year that crippled its economy and dealt a heavy blow to its retail and travel sectors.
Hong Kong — a former British colony that was handed over to China in 1997 — is ruled under the "one country, two systems" formula. That framework grants the Asian financial hub freedom of speech and limited autonomy such as its own laws, courts and currency.
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