Chief Executive John Lee on Tuesday hit out at the US government for finalising plans to ban American investments in AI and other advanced technology sectors in China, including Hong Kong and Macau.
The US Treasury Department said overnight that a ban on investments in semiconductors, microelectronics and quantum information technologies will come into effect in January, citing national security concerns.
Speaking before the weekly Executive Council meeting, Lee said the Biden administration's move will be a two-edged sword, harming the interests of both China and the US.
"It once again shows that American politicians seek their own political interests, undermining normal investment and trade, the free market and economic order. This will harm the global supply chain," he said.
"This harms the interests of others, as well as that of the US as a nation, its people and its companies. They will reap what they sow.
"The SAR government will defend its own interests and the interests of Hong Kong companies. We will also work with the country to protect national interests."
In a statement issued on Tuesday afternoon, the SAR government said it strongly opposes the proposed ban.
A spokesperson noted that in the past decade, the US had enjoyed a trade surplus of US$271.5 billion with Hong Kong, the largest among its global trading partners, and the surplus would suffer because of Washington's move.
Meanwhile, the chief executive said he will lead a delegation to Shanghai next Monday to attend the opening of the China International Import Expo, which will also host a dedicated session promoting investment in Hong Kong.
Lee said more than 300 Hong Kong companies will take part in the expo, making up of around a tenth of the total participating firms, adding that SAR officials will sign pacts with their Shanghai counterparts on several key projects.
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Last updated: 2024-10-29 HKT 16:04