Hong Kong protesters look forward to a bill passed by the US Congress but it also has potential negative impacts on the global economy.

The US bicameral in the middle of the week passed the Hong Kong Democratic and Human Rights bill (HKHRDA). Accordingly, the United States will conduct an annual assessment of whether Hong Kong is autonomous enough to continue to enjoy trade and economic incentives from the special status set out in the US-Hong Kong Policy Act 1992 or not.

Washington may also blockade assets and embargo officials deemed to be human rights abuses in Hong Kong. The US administration also conducts an annual review to see if Hong Kong fully enforces export regulations and sanctions from the United States and the United Nations.

The HKHRDA has been approved by the US Congress amid protests against extradition legislation that allow criminals to be brought into jurisdictions where Hong Kong has not signed an extradition treaty, including mainland China, still. tension after nearly 6 months, causing a series of instability in the special zone.

The biggest impact of HKHRDA probably comes from the possibility that Hong Kong is canceled its special status, which makes the difference between special zone and the rest of mainland China, thereby, protecting Hong Kong from the war. A tax war is raging between Washington and Beijing.

The special status also offers other benefits, including allowing Hong Kong residents to avoid visa restrictions imposed on mainland Chinese citizens, allowing special zones to buy sensitive technologies, while ensure free exchange between US dollar and Hong Kong dollar. It also helps Hong Kong negotiate independent trade and investment agreements with Beijing.

"This has a fundamental meaning," said Associate Professor Alfred Wu from the National University of Singapore, referring to the special state of Hong Kong. "If HKHRDA fails, then Hong Kong will not be like the current Hong Kong anymore, but will be just another normal city in China."

But with protesters arrested and prosecuted in Hong Kong, HKHRDA gives them hope.

Jason Y. Ng, a US lawyer and liaison officer for the Progressive Lawyers Group, said that HKHRDA estimates that people who want to come to the US but have been arrested or prosecuted for their role in Hong Kong protests will not denied a visa. It also placed Hong Kong government officials, police officers and their families on surveillance.

"Now they have to think twice about doing something to protesters if they still want to set foot on American soil, buy property or open a bank account in the US," lawyer Jason Y. Ng said. specified.

Students are one of the most important participants in the protests in Hong Kong. Lawmaker Kwok Wing-hang said that in terms of human rights and freedom, HKHRDA provides "another layer of protection and commitment" for students. "Students need a way out and other options even if they are convicted in Hong Kong for participating in protests," he said.

Florida Republican Sen. Marco Rubio, who led the campaigning through HKHRDA, said the bill had "sent a clear message to the people of Hong Kong" that the US would "not stand out". .

Joshua Wong, who led the "Umbrellas" protest movement in Hong Kong in 2014, said he wanted the HKHRDA to be a demonstration that "Beijing really needs to face pressure from the international community". .

However, ratifying the bill could also put the US at risk. The American Chamber of Commerce (AmCham) in Hong Kong assessed that the HKHRDA has the potential to lead to "unpredictable and counterproductive consequences" for the US economic interests in the region.

The US currently has 1,344 companies in Hong Kong and about 85,000 American workers are living in the special zone. Hong Kong is also the partner that brings America's largest bilateral trade surplus in the world, with $ 33 billion in 2018.

Some analysts consider any move to end Hong Kong's special status as a failure for the United States, which benefits from business-friendly conditions in the special zone.

If Hong Kong becomes a Chinese port, that scenario will not only hurt the region itself, but also affect US businesses. Companies that depend on Hong Kong as intermediaries and freight forwarders will have to consider bringing businesses to other places, such as Singapore or Tokyo.

Anything that changes Hong Kong's special status will "adversely affect US trade and investment in the special zone and transmit negative signals about Hong Kong's reliable position in the background." global economy, "noted AmCham.

After the US bicameral adoption of the HKHRDA, China called on President Donald Trump not to sign the bill, warning Beijing would retaliate if the HKHRDA became law.

"We call on the United States to take control of the situation, stop its wrongdoing before it is too late, prevent this bill from becoming a law, and immediately stop interfering with Hong Kong and its internal affairs. China, "said Foreign Ministry spokesman Canh Shuang on November 21. "If the United States continues to take wrong actions, China will undoubtedly take counter measures."

If the bill is signed by US President Donald Trump, if Hong Kong loses its special trade status, the Chinese economy will be strongly affected by Hong Kong's ownership of a free trade market. It helps to connect foreign businesses with the Chinese market.

Many foreign investors have chosen Hong Kong as a "springboard" before entering the Chinese market, foreign direct investment (FDI) is also poured into China via Hong Kong.

Most stocks of major corporations in China, from state-owned enterprises such as the Industrial and Commercial Bank of China (ICBC) to private technology group Tencent Holdings, are listed on the Hang Stock Exchange. Sen, Hong Kong, as a "stepping stone" to the world market.

According to data from Refinitiv, a global financial market data provider based in London, UK, in 2018, Chinese businesses raised $ 64.2 trillion through issuing public shares. initial public offering (IPO), in which the major stock exchanges of China such as Shanghai and Shenzhen only brought in 19.7 trillion USD, while Han Seng of Hong Kong brought about 35 trillion USD.

President Trump has not made a move to show whether he wants to sign the HKHRDA. Experts fear the passage of the bill could also affect the negotiating process to end the trade war, which is showing signs of prosperity between the US and China. If US-China trade talks collapse, the global market will surely waver.

However, according to Willy Lam, an assistant professor at the Chinese University of Hong Kong, currently, if the bill is approved, this action is only symbolic because any adjustments or changes must wait for until the US State Department publishes its annual review.

"For the protesters, this is quite a significant spiritual support from the US," he said.