HONG KONG - Under the United States-Hong Kong Policy Act of 1992, the US treats Hong Kong, a semi-autonomous part of China with its own legal and economic system, differently than the Chinese mainland in trade, commerce and other areas.
1. Is the special status gone? It's going. On May 27, Secretary of State Michael Pompeo notified Congress that the Trump administration no longer regarded Hong Kong as autonomous from mainland China. On June 29, Commerce Secretary Wilbur Ross said the special status had therefore been revoked. 4. What's at stake for Hong Kong and China? While Hong Kong remains a key gateway from China to the rest of the world, it matters far less to the country's fortunes than it once did. In 2019, 12 per cent of China's exports went to or through Hong Kong, down from 45 per cent in 1992. China is also far less reliant on inflows of foreign capital and expertise, and has made a much lower priority of making the yuan an international currency. Nonetheless, the city still matters.
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