Pessimism is spreading in Hong Kong as it is assumed that the end of preferential treatment by the United States will also soon extend to the financial sphere, which will be a severe blow to the city’s economy.

The United States on Monday revoked Hong Kong’s “special status” because of the risk that “sensitive” American technology would be diverted to the Chinese authorities.

The move comes as the Standing Committee of the Chinese National People’s Congress (NPC, Legislative) debates the passage of the controversial national security law for Hong Kong, the final step towards its entry into force, on the eve of the city’s 23rd anniversary of its return to Chinese sovereignty on Wednesday.

In that sense, with the imposition by the Communist Party of China of new security measures in Hong Kong, the risk that sensitive technology from the United States will be diverted to the People’s Liberation Army or the Ministry of State Security (Chinese) has increased, all undermining the autonomy of the territory.

Prior to the 1997 handover of Hong Kong from the UK to China, the US passed a law stipulating that the US government would continue to treat the territory under the same conditions applied when it was a British colony.

However, last November, in the heat of the waves of pro-democracy protests and police repression in the city, US President Donald Trump signed a law supported by the Democratic and Republican Party that established that the State Department should communicate annually to Congress if the US should continue its special relationship with Hong Kong.

At the end of May, US Secretary of State Mike Pompeo informed the US Congress that Hong Kong could no longer be considered autonomous from China, as a step towards the loss of its special status.

The revocation of that status has had immediate consequences, since Pompeo informed this Monday that his country will stop exporting military equipment to Hong Kong as of the same day.

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