for example, hong kong housing market is sustained by hong kong people. there are substantively owned by a property developer from china. so when hong kong people leave from hong kong on a substantive scale, it hurts chinese interests when our financial market, our stock market, our housing market. rep. malinowski: i apologize. these are all very engaging questions and answers, but i want to make sure all of the members have time to engage with the witnesses and ask questions, especially before we have to vote in just a bit. i will now recognize mr. phillips now. rep. phillips: thank you, mr. chairman. and to each of our witnesses, i celebrate your courage and gratitude on behalf of this entire committee for being with us today. i woke up to two very troubling headlines in "the new york times" this morning. stalkedna software uyghurs earlier and more widely researchers learn. and second, arrests in hong kong as security law sends chill over the city. as we see live reports right now what is happening in the streets of hong kong. i have to give president x

freedom of expression in hong kong, also on the personal security of the people of hong kong. effectively, china is imposing the people‘s republic of china‘s criminal system onto a hong kong common law system, leaving beijing with discretion to decide who should fall into which system." is there a question? that is his analysis of this law. is there a question? i am asking you — is there a question? you are simply repeating somebody‘s. . .what somebody said. he is clearly suggesting this is a violation. you are not putting the question properly. now, the law says that it would be enforced in the common law, under the common law system, as i have explained it to you, with reference to protections under the basic law and the two conventions on human rights, and with reference to the rule of law and all the protections to a defendant will be there and, you know, it would be applied by hong kong courts by the way. your suggestion seems to be that hong kong... why is it, mr tong, why do you think it is that professor chan at he university of hong kong... they are not! ..the

in hong kong. when i read through the detailed description of four mechanisms to create crime. the net is spread very, very wide. and i believe in the drafting of law is all the action taken over the past protest movement. so when they are so angry with the protest movement so they come at the end and try to criminalize in the past and try this time under the national security law. you know, to give you an example waiving of independence may come under susection. there are already meme just because they waved something like the flag and they are arrested. and even the police the banner warning people if you wave a flag or slogan you may be charged under the law -- national security law of secession or subversion. we don't like to see damage of a government facility but is that subversion or damaging public transport can fall under terrorism. and collusion of foreign power through illegal mean is promotion of hatred towards a central government. no one wants to promote hatred. we just want freedom a

to hong kong, we succeed in getting full democracy in hong kong? forgive me if i‘m misunderstanding. you seem to be saying that anyone who expresses an opinion pro—independence is committing a crime. you never allowed me to give you an answer. this is ridiculous. the law does not say any of those things at all and i certainly am not saying it. the law says you would only commit an offence if you organise, plan, participate and carry out, you know, a purpose in the form of, you know, harming the national interest or national safety of the country. you know as well as i do that the people in hong kong who call for independence right now are living in fear because they fear and, indeed, they know, based on what they have seen over the last few days, that they face serious risk of arrest under this new law. no, it is not that at all. if you come to hong kong right now, you see that life goes on as always and nobody is in fear, nobody is fleeing the country, quite the contrary. tens of thousands of people... i think you may be mistaken, i think peop

government or people of hong kong?|j don't government or people of hong kong?” don't think that is quite right. i think there are two things one needs to remember. first of all, it is a law enacted by the mainland according to the legislative law, it is not a law enacted by the legislative council. so they would consult the way in which their law provides as to how to consult in relation to lawmaking process. i wouldn't say that there was no meaningful consultation. i think why the contrary. a lot of people put in opinion and advice, and i did so also, and the government was consulted, the basic law committee was consulted. as far as i can tell, the many opinions that are provided, some of them were taken up. 0thers resulted in introducing some kind of compromise in relation... ronny tong, i think it is hard to take that seriously, this notion there was meaningful consultation, and even your chief executive, carrie lam, said she did not know what was in the national security act until literally hours before it was implemented. ah, you misunderstood what she mean

kong, we introduce the hong kong accountability act. that act just passed the senate unanimously last week and was sent to the house of representatives. this is a very fast turnaround from either of the chambers here in the united states congress and i want to thank speaker pelosi andne her partner and all the democrats and republicans in the house of representatives for coming together so quickly on this legislation. the legislation made a technical to the bill. a technical fix to comply to requirement as to where they felt it mighten build general revenue but with that technical thick, speaker pelosi and the republican leadership send it right back and why did they send it back so quickly? because this is an important moment. in fact, our timing couldn't be more critical. they imposed after the law was passed that beijing unveiled its provisions. even the hong kong chief executive said she hadn' that st been allowed before the law's passage. and as the senator indicated, it is written in broad enough that it will criminalize speech an

danny vincent, bbc news, hong kong. ho fung hung, is professor of political economy atjohns hopkins university, in baltimore, in the us. he said the impact of the new law in hong kong could be far—reaching. it is not only the end of hope for democracy, it is a major significant attack on the freedom that hong kong has been enjoying since the british rule. before 1997, hong kong was not a democracy but at least people have the freedom to speak and write books and articles and criticise the government and i think now they are taking it away overnight. and how do you think hong kong will deal with this? is there any pushback possible or will they simply be, like so many people in mainland china, just pretend they don't have any political opinions and certainly don't express them? what worries me is that the chinese government is giving no choice to the people in hong kong, except continue to fight, because hong kong people have been used to freedom of expression and protests and voting for the candidates they like in loc

and we should remember that this aggression towards hong kong is not limited to hong kong. the chinese communist party is intent to spread its influence and power worldwide, and in the process it is meant to simultaneously undermine and challenge free and open societies. i should point out the spread of the chinese communist party influence around the world poses a very real threat to us, to americans, to our national and economic interests, and that's part of why the hong kong autonomy act is so important. it's not only an effort to shield freedom-loving hong kongers from this continuing escalation of aggression by the chinese communists, but the bill is a larger signal to china. it's a message that the united states and the free world are no longer willing to look past some of the worst behavior that's been occurring. it's a message that our patients has run out. china is being warned to expect stiff resistance, stiff resistance to stealing intellectual american property, to committing genocide, to militarizing artificial islands and infringing on other nations' sovereign

kong's freedoms in june brown has more from hong kong. as to the reaction so far well as you might imagine the chief executive kerry has been praising this new national security legislation saying it fills a very important gap because kerry was basically bypassed in this process as was legislature the chinese government effectively had to do the job of the hong kong government and impose this new national security law. the united states' top expert on infectious diseases is warning the number of corona virus cases across the country is likely to get much worse if people don't follow health recommendations or to anthony fauci also says there's no guarantee of an effective vaccine it comes as the u.s. registered another $46000.00 new cases its biggest daily jump since the start of the pandemic. us democrats say they still haven't received enough information about allegations that russia paid the taliban to target u.s. soldiers in afghanistan a calling for a full briefing from the intelligence community. facebook has removed hundreds of acco

to o hong kong?g? >>>> that remains an open question. certainly itit has been a veryry distressing 48 h hours. i think itit remains to be seen whatat sorts of behahavior thehe authorities are going to go after. how hong kong courts are going to handle those cases. the fact remains that international humanized laws still pertain to hong kong. i think we are going to see people continue to try to use this space that is available to them. i think it is just a little too early to tell. brent: what do you see happening? china is flexing its muscle in hong kong. what would happen if it were to try to do something similar regarding taiwan? >> that w would take us down a different path given the degree of internatitional support f for taiwan as a distincnct country d entity. theree is no doubt t that beieig is behind much more diplomatically. this suggests that it applilies all over the world sucuch that e coconversation t that you and ie havingng right now could be considered for incnclusion and e could be

back in hong kong because of the little china has implemented in hong kong what are we missing well i think what's happening is these are companies that need to function internationally and they need to grow globally and so as a result of which they're there by having to act the way a regular company would and they have to show that they're not going to be giving information to the chinese authorities so for that reason they've scaled back to talk for example has a chinese company already jobim which is. which is not and which is the chinese version and that will be affected by this so it's relatively small as far as to talk is concerned ok and they've both been criticized as well for doing things like giving information sharing information to the chinese authorities and tick tocks case. also stopped cold between some people commemoration the tiananmen square massacre so they're having to act like international players ok ok and these 2 chinese companies to talk and they join a bunch of us take the not got a list to facebook's anagram what's that google twitter yeah and sort of reeval

kong but those judges will be appointed by hong kong's chief executive some of the other crimes those people who are arrested and charged under these national security laws they can be extradited to china for trial so clearly there's a there's a fear in hong kong that this will be a major deterrent for these people marching from july 1st but at the end of the day while hong kong will be implementing these laws it will be beijing will return we're tired of the full say and how these laws are played out in this city right sara thanks so much let's continue this with katrina you she joins us now from beijing katrina how far as he's there viewing the developments and how things are heating up in hong kong right now. well beijing certainly expected purchase today in hong kong they're watching closely they're watching to see how the hong kong police act and how many people are arrested we know that so far at least 2 people have been arrested under this national security law less than 24 hours after it's been acted in hong kong and now china's foreign ministry spokesperson jen just came out

kong but the hong kong government has said that this was likely to hurt hong kong more than it would sorry the u.s. more than it would hurt hong kong in the sense that if you look at the numbers the u.s. has a bigger trade surplus with hong kong then the other way around but the reality is hong kong there are many hong kong businesses that rely on this special status with the u.s. hong kong as are we export to europe which means that goods and services come through hong kong into the u.s. to avoid those trade sanctions and other sanctions that may be or restrictions that china may have been dealing with trade in the u.s. . those rights and freedoms that you referred to a we've seen there's actually the you know the diminishing of those rights is that manifesting itself really for the people on the street. what we're seeing is a very rapid change in the way hong kong operates since that national security law was imposed on the city on july 1st by beijing without any consultation from hong kong what we're seeing is for instance today yet another democracy activist was arrested for taki

let's start with hong kong. in terms of the sentiment, the mood, this may affect hong kong in terms of business sentiment and the sentiment of tourists and ex-pats working in the city. to what extent will the security law pose a threat as to the long-term economy of hong kong? does it move it closer to china in a way that the economy will be more short up and in a stronger position? what is your take? alicia: thanks for the question. [inaudible] one of the most of -- open economies in the world, hong kong. going through a massive global shock. things unrelated to international law. it's all horrible for hong kong. that, the uncertainty [inaudible] that is really important. we need to remember that hong has accelerated. [inaudible] hong kong is no longer a global financial center. state centric bond issuance, the difference will be minor. creditors are mainland centric. in. i need to jump we have some lines crossing the terminal right now about apple. this is according to reports from nikkei. apples five g iphone

why did you decide to flee hong kong? well, as we all know, the hong kong government, well, at least accepted, or the central government directly enacted, the national security law in hong kong. which — it is written in such a broad and fake term that could well possibly be used as a legal weapon to prosecute political activists that they wanted to do so, so, for now, i think most of the democratic activists in hong kong are in such a grave danger, so... but you have been prosecuted before, you've tasted imprisonment before, so it's not as though there was not a threat to your freedom under the old laws. why did the national security law, as imposed by beijing, why did it make such a fundamental difference to you? well, the national security law targets the freedom of expression of people, so if we say something that, for example, create hatred towards the central government, or we have been doing the international advocacy work, that could lead us to years or even lifelong imprisonment, which at this time are not well�

a hong kong native and author. she says she is extremely disappointed at the events. it's really horrifying, because in one go, beijing has killed hong kong. now, we should always remember that in 1984, when china signed its british joint declaration with london, the mood in beijing at the time was to reassure notjust britain, but also hong kong people and the rest of the world that — don't worry about china. don't worry that we're going to kill hong kong. everything will be fine. but today, essentially, while the law is named the security law, it really is meant to serve for the regime. it's to make hong kong safe for the ccp. it's a beijing security law. this is a big change. do you think there is anything — it is possible to do anything about it, really? is any pushback possible? well, people are going to push back. we know that a lot of the activists already announced that they are going to continue with the annual 1 july protest, which they've been doing every year during the handover ceremony. and on the

for their stance on user data in hong kong. futures kicking off trading slightly higher by two tents of 1%. we have another tech rally. the rest of the market was more subdued. the nasdaq ended at a record high. the s&p 500 saw many stocks down but we have gained enough to push it to a one-month high. mega-caps pulling the gauge higher, despite the fact that the pandemic sensitive sectors like airlines sank. the dollar fell against the g10 peers. look at oil. it is unchanged. through the entire month, we have seen wti trading within a tight range of two dollars. it is still hanging around the four-month high. we got a report showing that stockpiles rose by more than 5 million barrels last week. let's see how things are shaping up for the asian market. midweek session , futures are mostly higher pointing to slight gains. falling.shares are like, we have aussie home loans on tap. in japan, earnings are kicking off with retailers. today, a retailer report card is due this afternoon. the focus will remain on chinese stocks with gai

hong kong. it says the new additional national security legislation for hong kong could be interpreted broadly. under the law you could be deported or face possible transfer to mainland china for prosecution under main the law, the full extent of the law and how it will be applied is not yet clear. again, astray upgrading its warning to advise against channel -- travel to hong kong. you could break the law without intending to. if you're concerned about the new law, reconsider you need to remain in the city. yvonne: let's stick to those geopolitical tensions, bloomberg has learned that google shut down his plan to offer a major new cloud service in china and other politically sensitive countries. the project was shelved back in may. let's get more from selina wang joining us in beijing. what do we know about this project, and why was it dropped? it was shut down in part because of geopolitical tensions that were being exacerbated by the pandemic, according to two employees familiar with the matt

kong right let's thank sara there in hong kong let's continue this now and take it to beijing where we've got katrina you standing by from us so katrina how is paging viewing the events of day one of the implementation of this new security law. well some of the certainly watching very very closely they expected these protests to happen and they're watching to see exactly how this law is going to be tested today the 1st day on wednesday already we've seen one person arrested for having possession of this hong kong independence flag and really this law has transformed the way beijing relates to hong kong has given beijing sweeping new powers and really the main message of the central government is that to remind the people of who is in charge in hong kong and that is beijing so in a sense they've given hong kong police the right to enforce this law but beijing will have their own security agents functioning in hong kong given powers to surveil those suspected of violating the law yes kerry land will be allowed to choose judges to preside over national security cases but it's mainland

critics fear the know will and freedom of speech in hong kong as phoebe kong reports many activists fear these suppression of dissent will be stepped up. followed up for years now everyone has joined fellow members of his party on the 1st of july to mark hong kong's handover to chinese troops but everything changed last week it isn't uncommon for such areas more peaceful protests to have 100 plus police to search it doesn't offer i guess this will be the new law you may never see the picture of media in hong kong as on the street ok not because we are content not because. we are now happy with because it's because now we have to upgrade now very very hard it was 7 to go out. the swastika 1st protest seems to new security law was put in place was to see offenders go to prison for life for suppression. several parties have now decided to disband some leading activists have fled but everything and his party are not about to follow suit. because if for a political party to bow down now what's it to say for to the rest of hong kong psychologically look the most awful compared to go to prison

kong democracy council that you're on the board of hong kong people elect. organization that focus on. africa if you walk on the u.s. so it does not directly involved in the local ground protest in hong kong right but it's called the hong kong democracy council and it seems to have direct links to lobbying in washington for laws that suggest unless hong kong enact legislation that helps washington there should be u.s. sanctions on china well i say. call rationale behind though is when china is found out to. commit itself to the promise off on the british on declaration well it's a toad it accountable because the declaration is time and by british and chinese government and it is tabled in the united nation so my now talking about the professional treatment of hong kong that is the major premiss of that which is hong kong remains autonomous so if home going on the direct autocratic control from china it is just an ordinary chinese city so why the well should all the perpetual comment on home i think this is the logic behind the i don't i don't think the way t

or violating hong kong's autonomous system and stripping hong kong for their of its rights and freedoms as far as impact goes so far an analyst says there will be some kind of an economic impact although many companies had already factored that in due to the fact that this had been weeks in the making until president trump signed it today but according to hong kong a financial secretary to the u.s. that has more to lose hong kong is the u.s. his biggest trading surplus partner in a single economy which means that the u.s. will be on the back foot when it comes to trade with hong kong after this particularly if american companies pull out but hong kong too is concerned due to the fact that this will affect business confidence and there's basically confidence in the political environment so companies like the new york times has already said today itself that it is going to pull out a large number of its staff and move over to seoul and there's concern many other media companies would follow suit and other international companies will also consider thinking about this and they pro-democrac

preferential treatment for hong kong and also signing the hong kong autonomy act. when it comes to treasury futures, trading at that level. haidi. trump hassident formally terminated hong kong's special status with the u.s., citing legislation that would sanction chinese officials responsible for cracking down on political dissent, the latest escalation in tensions between the two rivals. tom mackenzie joins us now from beijing. it is getting a little bit hard to keep track of the tit-for-tat, the responses to sanctions and vice versa, so what does it actually mean in practice given that this was widely expected from washington? tom: absolutely. two key components. one of them, as you say, is the removal. toered by president trump end that special trading status. that hong kong has enjoyed since the policy act was signed in 1992. we will have to wait to see the material impacts. already of course, the u.s. has restricted the sale of sensitive technology and some military equipment to hong kong. there may be further measures in the pipeline. the other part is signin

left hong kong now britain is offering hong kong a way l. the u.k. has pledged to allow up to 3000000 people from hong kong the right to live in the u.k. prime minister boris johnson made the offer after beijing in. posed a controversial national security law on hong kong it out walls public displays of program dependent sentiment and it carries a life sentence the potential of a life sentence for offenders the measures have drawn international condemnation. tensions in hong kong on the rise one day after beijing implemented its controversial security law the civil liberties hong kong this had been promised and to 2047 gone london says beijing is guilty of what is described as a clear and serious violation of a treaty that paved the way for who comes handover from britain to china in 1970 and close to 3000000 hong kong residents have been promised a pathway to british citizenship basis for all international relations we make clear mr speaker that if china continue down this path we would reach introduce a new route for those with british nationals ov

kill hong kong. everything will be fine. but essentially, while the law is named security law, it really is meant to serve for the regime. it is to make hong kong safe for the ccp. it is a security law. this is a big change. do you think there is anything— it is possible to do anything— it is possible to do anything about it, really? is anything about it, really? is any pushback possible? well, people are going to pushback. we know that a lot of the activists already announced that they are going to continue with the annual first ofjuly protest, which they have been doing every year during the handover ceremony. and on the other hand, though, today in hong kong, when people do this, they are going to be subject to charges of subversion. and the definition of subversion, secession, terrorism and pollution in this law, they are very, very loose. early on, beijing suggested that this is really going to try and stop any violence in these street protests, except that the law will cover not just protes

which is talking about the many hong kong citizens we re about the many hong kong citizens were calling on japan about the many hong kong citizens were calling onjapan to be a little bit more serious about safeguarding their freedoms and about the human rights situation in china but of course as the paper picks up on, mainland china are the most important trading partners forjapan and vice versa so you have this situation where japan needs china but is also has this good relationship between shinzo abe and president trump so they find themselves caught between china and themselves caught between china and the us. yes, i think this picks up on the geopolitical dimensions of this and the political positions in several countries now find themselves in. i think forjapan, it is acute. if you look at their closest neighbours in trading partners, but japan is closest neighbours in trading partners, butjapan is being asked are you going to offer a support for two a close relationship to hong kong. i think if you look atjapan and making an alliance of america, there is generally the rhetoric com

is if therelegation is a national security law in hong kong, the law should be enacted in hong kong by the legislative council. it should not be happening in beijing. the hong kong government has been kept in the dark and the process. again, this is wrong. firstly, this is a national law. of course if it is international law it will have to be decided how to enact the law. now, basic law states clearly that for matters of national , thise or foreign affairs is a matter for the cbg. no one would question that national security is something outside the high degree of autonomy. it's a matter of sovereignty of the country. 18 after basic law, there's a process that allows national laws to be added for implementation through hong kong through a specified procedure. the third point is the political reality. if you believe given the current political reality, given the current counsel, there could be rational discussion in the counsel so that law or national security -- i think that is the political reality. the fourth point is that the national people's congress is the highest organ of power

kong there are also measures underway to change the special status of hong kong so that means it no longer is able to import defense equipment use high tech equipment and so on and we also have the sanctions which are being being formulated now against china because of allegations of human rights abuses against the we go in sion jang province but there's always this question well will donald trump actually sign this latest this latest law because as he himself admitted he delayed signing the law in sanctioning china for it's happening in jan because he was in the midst of trade negotiations that those trade negotiations have ended phase one of the trade deal has been signed but china has warned the u.s. there are redlines said don't meddle too much in our affairs meaning hong kong taiwan jiang sort of is taken to be but this does seem to be really only out. edge of the sanctions sir and we all sing people like mike compare the secretary of state mike pence the vice president being very outspoken about what's happening in hong kong we did ask the white us there is there any doubt tha

preferential treatment for hong kong hong kong will now be treated the same as mainland china no special privileges no special economic treatment and no export of sensitive technologies. without its privileges hong kong could lose its position as a bustling and competitive financial hub wiping out businesses and threatening livelihoods. as the deep freeze between the 2 superpowers shows no signs of thawing hong kong's residents are left out in the cold. well donald trump's move to sideline hong kong is going to have a clear impact on the economy the active opponent from the business joins me now live hong kong's economy is resting very much on financial services how will this impact business that i think it's kind of a devastating impact on business i think if you split up the business is there in financial services you have the foreign companies you've got the domestic hong kong companies and then you've got the chinese companies with the foreign companies you've got $9000.00 foreign firms $1300.00 of them are u.s. companies a lot of them are going to be involved financial services then

law in hong kong with that the president says hong kong has to be treated like mainland china and preferential treatment is over. all right what is executive order and is this law passed through congress and then signed by the president what effect do we expect to have. well well of course relatively immediately if affects business done between america the united states and hong kong business is their big businesses which needs and enjoyed so far for many many decades since the. great britain gave hong kong basically away in 1907 back or back to china i should say. this was 2 systems and one country this is over now at least that's how the president and the united states congress as well as senate sees it and with this business will be hurt by this individuals will be hurt by this as you heard the president saying he expecting a lot of people financial institutions for example start up companies all what hong kong actually stands for and made its name off we'll be leaving probably hong kong because there is no preferential treatment anymore there is no fair trade anymore in the eyes of the pre

preferential treatment for hong kong hong kong will now be treated the same as mainland china no special privileges no special in treatment and no export of sensitive technology is. without its privileges hong kong could lose its position as a bustling i'm competitive financial hub wiping out businesses and threatening livelihoods a lot of people relieving hong kong i suspect and we're going to do a lot more business because of it because we just lost one competitor. as the deep freeze between the 2 superpowers shows no signs of thawing hong kong's residents are left out in the cold. well to france now where millions of people have been celebrating best deal day the country's national holiday only this year it's taking place under the shadow of coronavirus public celebrations have been cancelled or scaled back and in the capital paris for the 1st time since 1905 authorities have canceled the traditional parade along the shops of these day instead france's leaders paid tribute to the doctors and nurses on the front lines of the coronavirus fight. an emotional message of thanks for france'

and for the future of hong kong that it's what the hong kong people want it's what the tinies people want and that beijing will not be intimidated by any of these. donald trump also praised the u.k. plan on what way the chinese tech giants will not be allowed to develop new high speed the new high speed metal network the u.k. government says it cannot ensure the security of well weigh equipment. international court of justice in the hague has ruled in favor of cutter in a dispute with 4 arab countries that impose a blockade on the gulf states and prevented country across from flying over the airspace core rule the u.n. civil aviation agency has jurisdiction in the case. 11 soldiers from azerbaijan and 2 from media have been killed as feisty escalates in the border to former soviet republics have been in conflict over and clave inside azerbaijan controlled by ethnic armenians thousands of israelis have rallied outside prime minister benjamin netanyahu has residents calling on him to step down but yahoo is facing a corruption trial and growing discontent over his handling of the curren

hong kong special trade status and china with. the perfect murder of a young female soldier in texas triggers a wave of sexual abuse claims by other personnel as u.s. commanders are accused of not doing enough to stamp out the problem. and the state police chief in germany resigns over claims that officers are painted with a notorious neo nazi. but does it for headlines of more of those stories of course you can go to. get more up to date information of course right now stay with us for more classic.

you destroyed that basin hong kong, you destroy the bases in hong kong, you destroy the bases in hong kong, you destroy the bases in hong kong that helps to assure the free movement of capital has been successful in hong kong, you destroy those things and you knock hong kong down. —— like what ali baba did. those things and you knock hong kong down. -- like what ali baba did. we see the ongoing struggle and tension between beijing and washington. i was talking to our correspondent —— to the chair of the commons foreign selectivity that it was time for the week are muslims —— with the uighur muslims and everything else that it was henry kasser relationship with china. do you share that assessment? it is one i entirely share. he has done well and mobilising right across parliament, labour, liberal democrats, snp and certainly conservative and understanding that we have to stand up for ourselves, set up for we have to stand up for ourselves, set upfor our we have to stand up for ourselves, set up for our values in the stand up set up for our values in the stand upfor set up f

response to china's takeover of hong kong. reuters report saying that he will sign the hong kong autonomy act legislation passed last week that requires mandatory sanctions be imposed against businesses and individuals that helped facilitate and will now administer china's takeover of hong kong. blake burman is at the white house as we await the president's remarks. blake, what are you hearing from the folks at the white house about what he will be telling us? reporter: hi, there, lou. one source telling me the president will make remarks about china, upcoming a press conference from the rose garden we expect to hear from the president moments from now. you mentioned reuters report about hong kong, the autonomy act passed by congress. keep in mind with one thing on that, the president, that was signed or passed, rather by both the house and the senate, overwhelming support earlier this month, without getting too granular, the way that it works is, the president has to sign that into law or at least take action on that, give or

more than it would hurt hong kong and hong kong chief financial officer also said that hong kong should not feel the effects so much but american companies are drawing up contingent plans and hong kong is expected to lose business due to the fact that it was used as a port as a hub for we export for. object services from china to go through to avoid that trade that trade deal those trade sanctions so there will be some kind of an impact on consequent to me i mean there was always debate and concern that the rights and freedoms. experienced in the whole cold would deteriorate to deteriorate quickly i mean what signs if any of that is actually happening. well surveil everyone knew that 2 words 2047 hong kong would lose a lot of its privileges and its special status but nobody expected it to lose it this quickly now on july 1st trying to impose that national security law on hong kong without any consultation with hong kong and many companies in hong kong many businesses many rights activists and almost every sector of hong kong see said asked affecting hong kong status rights and freedoms

kong security law let's get a view on what's happening here and go to hong kong and live on the line with us says hong kong an asia specialist benjamin cho professor of the paris school of business in china southwestern university of finance and economics at the photos take the time to be with us so more violence where does this leave the one country 2 systems principle as of today. i think one country 2 systems has rather been damaged by the riots in the recent years now the chinese is trying to fix it according to their brights china it's given in hong kong as many constitution called the basic law article 18 clearly specified that the national laws in china can be applied in any hong kong is listed and next free as long as they standing committee of the national people's congress just at the end next after consultation with the hong kong government and you don't move many many more such countries like 53 of them supported china's national security law on tuesday in united nations the number of countries against such laws only 27. but how is charlie going to react if this violence

let's get the latest on this now it's a w c v kong joining us now from hong kong phoebe out of hong kong human rights activists been responding to this move in washington this is the kind of pressure on beijing that they've been looking for. well to a certain extent yes lifeforce maybe up to activists and human rights advocates here who are pushing for hong kong i'm constrained on this and they've got a lot of even the. allegation against my ass like this is what if this is a fact like what they have lobbying like matlab the point countries used to post has been lost here and specially is. particularly risky for them to go on the streets and to do all that i suppose pass under the national security also this is something that the activists have accounted for like they hope that this foreign countries move could be kind of like a check and balances to was china. said this is definitely welcomed by some of the activists here in beijing a spawn responded immediately to to what's coming out of washington and they're promising to retaliate how's that going down where your. publication has exp

shery: yvonne in hong kong. the u.s. under secretary of state says the reaction from the business security to the hong kong security law has been disastrous. he spoke to bloomberg earlier. >> disastrous decision. this is to eviscerate hong kong's freedoms and imposing draconian national security know, if you you look at this legislation that has been enacted, it is taking press, they of the are basically bringing in their forces. the reaction is really disastrous. i think a lot of companies are really worried because i think it is because number 33 that they actually debate nonresidents. can take it they back to china, where there is no rule of law. greatk it has been such a with theess for china two-party system, and now, it is a one party system. happened --what has breaking the sino british know, they only got 22 years instead of 50. it gets down back to this issue with the chinese communist party. who, the united nations, so you know, that highlighted on top of the pandemic, it's how can you trust them for anything?

danny vincent, bbc news, hong kong. victoria hui — an associate professor at the university of notre dame in indiana, who has written extensively about the protest movement in hong kong — told me how draconian the new laws are. the actual national security law itself was already so much more draconian than the little bits and pieces that we have learned, but this one is really awful. so you already mentioned the news story that the police can come and search your house and private property without any warrants. but more than that, the uk government offering annual passport holders a pathway to citizen ship, the government now insists that these people are also subject to exit. moreover, private properties of the people who are suspected and the companies that provide services, if they do not remove any contents deemed as endangering national then they themselves are subject to six months' imprisonment. let's just unpick some of that. let's look at the freezing of assets, because this can affect foreign companies and

up a lot of intellectual property and hong kong i sound old hong kong i would have any access ashton hong kong i would simply be much more cautious and i retreated very much as i wouldn't see the chinese city. hong kong's calling card was that it wasn't just another chinese city it offered legal certainty and access to western finance but the mainland lacked. china believes it can preserve hong kong as a financial hub though its port capital into the island and mobilized allies among the business elite many of whom have deep stakes in the mainland on monday and even drove markets hong kong stock exchange close to the 4 month high when a chinese state run newspaper encouraged bull market investment beijing's message you can engineer the stability the business wants under the conditions the china want. to our financial correspondent in new york against korda ins good to see you yes let's start the markets today quite a surge globally did the chinese state run newspaper really play an important role in the search where all of this stayed on term media tells investors it's time to buy st

i think the biggest pressure will be on hong kong hong kong's economy while in hong kong's business model was to be part of the western set of business rules of the dollar economy and joining the state is of a free trade economy and when trading with western countries but being closely tied to china and many companies decided to channel their businesses with china through hong kong for exactly that reason so a lot of this business model will have to be rethought we don't know what will really happen but it looks a little bit like china's trying to transform hong kong into some kind of an offshore location for chinese businesses but that is still under the grip of china money has flown into hong kong from china in the last few weeks whereas a western businesses have been cautious. there's also a 2nd part to this that sanctions against individuals in china and hong kong will have been instrumental in imposing this national security law this might be a blow to individuals the chinese elite as well as the leader of hong kong likes to send their children to study in the u.s. and other western