US Secretary of Commerce: "Will Consider Relocation of Companies with Asia Headquarters in Hong Kong"

Concerns Rise Over US-China Conflict on Hong Kong Security Law
Hong Kong's Status as Asia's Financial Hub 'Shaken'

(Marinette AFP=Yonhap News) U.S. President Donald Trump, accompanied by Secretary of Commerce Wilbur Ross (right) and Peter Navarro, Director of the Office of Trade and Manufacturing Policy (left), is touring a shipyard in Marinette, Wisconsin, on the 25th (local time).

[Asia Economy Reporter Minwoo Lee] Wilbur Ross, U.S. Secretary of Commerce, stated that he may recommend companies with Asia regional headquarters in Hong Kong to relocate.

Secretary Ross made this remark in an interview with Fox Business on the 1st (local time). He said, "With the implementation of new rules governing the relationship between Hong Kong and mainland China, companies are highly likely to reconsider whether Hong Kong is suitable for their Asia regional headquarters."

Earlier, on the 29th (local time), the U.S. Department of Commerce partially revoked Hong Kong's special status in response to China's push to enforce the Hong Kong National Security Law (Hong Kong Security Law). In response, China proceeded with enforcing the Hong Kong Security Law. Due to this unstable situation, concerns are rising that Hong Kong may lose its status as a financial hub in Asia.

According to an ING report, as of last year, 1,541 companies had established regional bases in Hong Kong. Among them, U.S. companies accounted for 18% (278 companies).

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