{"id":112263,"date":"2021-04-16T05:50:42","date_gmt":"2021-04-16T05:50:42","guid":{"rendered":"https:\/\/fin2me.com\/?p=112263"},"modified":"2021-04-16T05:50:42","modified_gmt":"2021-04-16T05:50:42","slug":"hong-kong-businesses-are-rethinking-risks-as-new-challenges-arise-says-amcham-president","status":"publish","type":"post","link":"https:\/\/fin2me.com\/politics\/hong-kong-businesses-are-rethinking-risks-as-new-challenges-arise-says-amcham-president\/","title":{"rendered":"Hong Kong businesses are &#x27;rethinking&#x27; risks as new challenges arise, says Amcham president"},"content":{"rendered":"<ul>\n<li>Hong Kong businesses are facing a &quot;compounded new normal&quot; as the city confronts challenges on multiple fronts, according to the president of the American Chamber of Commerce in Hong Kong.<\/li>\n<li>The ongoing Covid-19 crisis, along with the recent passing of the national security law and the troubled U.S.-China trade relations, are among the list of top concerns for companies based in the city, says Tara Joseph.<\/li>\n<\/ul>\n<p>Hong Kong businesses are facing a &quot;compounded new normal&quot; as the city confronts challenges on multiple fronts, according to the president of the American Chamber of Commerce in Hong Kong.<\/p>\n<p>The ongoing Covid-19 crisis, along with the recent passing of the national security law and troubled U.S.-China trade relations, are among the list of top concerns for companies based in the Asian financial hub, Tara Joseph told CNBC&#x27;s &quot;Street Signs Asia&quot; on Thursday.<\/p>\n<p>&quot;Hong Kong over the last two years has had a compounded new normal. We&#x27;re dealing with Covid. We&#x27;ve got lots of change in the terms of Hong Kong being at an inflection point politically,&quot; she said,\u00a0referring to the new national security law China passed for Hong Kong last year<strong> <\/strong>and the overhaul to its electoral system last month. The changes could further curtail the city&#x27;s freedoms, critics say.<\/p>\n<p>Joseph added these factors were further complicated by the China-U.S. friction \u2014 in terms of trade and politics. &quot;All of those items are at the top of the list for businesses here,&quot; she said.<\/p>\n<p>The world&#x27;s two largest economies\u00a0signed a phase one trade agreement in January, bringing some reprieve to the tensions of the last two years.<\/p>\n<p>While the Biden administration has vowed to use &quot;all available tools&quot; to counter China&#x27;s unfair trade practices, it has yet to make clear its position on how it will handle tariffs with China that have hurt businesses in both countries.<\/p>\n<p>&quot;Let&#x27;s take sanctions, for example, tit-for-tat between the U.S. and China. Those add to risks of being here,&quot; noted Joseph. She said companies in Hong Kong are &quot;rethinking,\u00a0potentially also re-rating and measuring risk here now.&quot;<\/p>\n<h2>Travel concerns<\/h2>\n<p>While Hong Kong has been able to contain the Covid-19 pandemic, Joseph argued the city&#x27;s restrictive travel and strict quarantine measures have caused businesses to re-evaluate their presence in the city for the long-term.<\/p>\n<p>&quot;The Covid issue and the quarantines bring it down to a personal level,&quot; she said. Those living in Hong Kong have not been able to visit their families and &quot;that starts to become a personal concern.&quot;<\/p>\n<p>&quot;That&#x27;s where we&#x27;re seeing people start to question how long they can stay here. And whether being here is going to be effective for them long term,&quot; Joseph said.<\/p>\n<p>And that could hurt Hong Kong&#x27;s reputation as a global financial hub.<\/p>\n<p>&quot;Hong Kong is also viewed as a place where you connect to travel, where you&#x27;re able to have freedom of movement. And if we&#x27;re not able to do that,\u00a0it&#x27;s going to affect the competitiveness of the city. So that is a growing concern,&quot; noted Joseph.<\/p>\n<p>\u00a0<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/04\/16\/hong-kong-businesses-rethinking-risks-as-new-challenges-arise-amcham.html\" target=\"_blank\" rel=\"noopener noreferrer\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hong Kong businesses are facing a &quot;compounded new normal&quot; as the city confronts challenges on multiple fronts, according to the president of the American Chamber [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":112262,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Hong Kong businesses are &#x27;rethinking&#x27; risks as new challenges arise, says Amcham president - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/politics\/hong-kong-businesses-are-rethinking-risks-as-new-challenges-arise-says-amcham-president\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hong Kong businesses are &#x27;rethinking&#x27; 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