US lawmakers call for reevaluation of Hong Kong ties amidst rising authoritarianism
- Lawmakers cited evidence that Hong Kong is being used to help Russia and North Korea evade sanctions.
- The committee believes the updated National Security Law has solidified the CCP's control over Hong Kong.
- Concerns are raised about the implications for U.S. policy and the risks to international financial operations.
On November 25, 2024, the House Select Committee on the Chinese Communist Party expressed concerns regarding the changed status of Hong Kong, urging the U.S. Treasury to reconsider the U.S. relationship with the region. Lawmakers, led by Rep. John Moolenaar and Rep. Raja Krishnamoorthi, highlighted evidence suggesting that Hong Kong is being utilized by Russia, North Korea, and the Chinese regime to circumvent international sanctions related to the war in Ukraine. The letter emphasizes that Hong Kong has shifted from a trusted financial hub to a participant in illicit activities supporting authoritarian regimes. The committee's position reflects a growing consensus amongst U.S. leadership that Hong Kong operates under the control of the Chinese Communist Party, undermining both global financial integrity and national security. This has raised significant alarm about the vulnerabilities for Western investors and institutions engaging with Hong Kong, given the updated National Security Law that restricts freedoms and imposes harsh penalties for dissent, further solidifying the CCP's grip on the territory.