US preparing new sanctions on Chinese officials over Hong Kong

The United States is gearing up to impose sanctions on a number of Chinese officials for what Washington claims to be their role in Beijing’s disqualification of elected opposition legislators in Hong Kong.

Last month, Hong Kong disqualified four opposition lawmakers after the Chinese parliament adopted a resolution authorizing the city to expel legislators deemed dangerous to national security.

Alvin Yeung Ngok-kiu, Kwok Ka-ki, Kenneth Leung, and Dennis Kwok were disqualified from continuing in their capacity as city legislators, shortly after China’s parliament had allowed authorities to unseat those lawmakers who seek secession or invite foreign interference.

Hong Kong disqualifies 4 lawmakers for threatening national security

Hong Kong disqualifies four opposition lawmakers for jeopardizing national security.

Citing three sources, including a US official familiar with the matter, Reuters said Monday the targets of the sanctions include officials from the Chinese Communist Party (CCP).

Asset freezes and financial sanctions are among the measures which are likely to target up to 14 people, including officials of China’s parliament, or National People’s Congress, and members of the CCP, two sources said.

The US official, speaking on the condition of anonymity, said multiple individuals would be sanctioned, with a person familiar with the matter noting the group would likely include officials from both Hong Kong and the mainland.

China has previously lambasted the United States for its “interference” in the domestic affairs of Hong Kong, China’s global financial hub city.

China denounces UK, US ‘interference’ in Hong Kong’s internal affairs

China has slammed the UK and the US’s interference in Hong Kong’s domestic affairs.

On Monday, China’s senior diplomat Wang Yi said he hoped and believed that US policy towards China could finally “return to objectivity and rationality”.

“China and the US can totally cooperate on areas such as managing the pandemic, economy recovery and climate change,” Wang told a group of business leaders from US firms.

Wang also called for both the US and China to resume dialogues at all levels, saying it is up to Washington to “make the correct decision” on future relations.

Stock markets in Asia give up early gains

Meanwhile, stock markets in Asia gave up early gains on concerns that the anti-China measures, which could come as soon as Monday, might result in a further deterioration in relations between the world’s two largest economies.

The new US move comes as the administration of President Donald Trump maintains pressure on Beijing in his final weeks in office after Joe Biden was declared by the US media the winner of the disputed November 3 presidential election.

“One thing that the market has been concerned about is that on his ‘Out of office’ Trump would look for some retribution on China. So this news speaks to that fear,” said Kyle Rodda, market strategist at IG Markets in Melbourne.

Chinese financial stocks, which are traded in Hong Kong, dropped 2.3% in morning trade on Monday, marking their sharpest fall in six months amid worries sanctions could be extended to banks.

China decries US ‘barbaric’ interference over Hong Kong sanctions

China decries the US over its “barbaric” interference in the internal affairs of Hong Kong, after Washington imposes new sanctions on four Chinese officials.

The US State Department in October issued a warning for international financial institutions doing business with individuals deemed responsible for China’s measures in Hong Kong that Washington could soon impose tough sanctions.

In August, the US sanctioned Hong Kong Chief Executive Carrie Lam, the territory’s current and former police chiefs and other top officials.

In November, the State Department and Treasury Department imposed sanctions on four more Chinese officials in Hong Kong’s government and security establishment, banning them from traveling to the United States and blocking any US-related assets they might possess.

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