Hong Kong File Photo: VCG

The China Banking and Insurance Regulatory Commission (CBIRC) spokesperson accused the US of grossly intervening in other countries' internal affairs in response to the US' move of imposing sanctions against 11 Chinese officials.

"The US side's relevant action grossly interferes in China's internal affairs, which violates both international law and the basic principles of international relations. We express our firm objection," the spokesperson said in a statement posted on the commission's website on Saturday.

The spokesperson said that Hong Kong affairs are China's internal affairs and the city's economic and financial activities are administered by the Hong Kong Special Administration Region (HKSAR) government. "No foreign government has the right to intervene."

The comment came as the US government imposed "sanctions" against 11 officials from the Chinese mainland and Hong Kong over the enactment of the national security law in the city on August 7.

For a long time now, the US has abused its so-called long arm jurisdiction and imposed so-called unilateral sanctions by taking the advantage of being a financial bully, the spokesperson said. "The US places its own domestic law above international law and interferes wantonly the normal business operations of financial institutions, which not only has legal basis but also violates the principles of the market economy," the spokesperson said, noting that the US' actions have received unilateral condemnation from the international community.

Any move made by the US to harm Hong Kong's financial stability not only purposely grows hostility with the Chinese people but also makes the US stand against people across the world, the spokesperson said. 

"The US is a major participant in the current international financial system and also the largest beneficiary. We advise the US not to act arbitrarily and do things that shoot at its own feet," the spokesperson said, noting that "We always believe that the only right way to solve China-US economic, trade and financial problems are by cooperation and negotiation."

The spokesperson said the CBIRC firmly supports Chinese financial institutions to carry out business in line with laws and regulations in Hong Kong to provide sound services to all clients including Hong Kong residents and companies.

The stable financial market and solid foundation of Hong Kong's linked exchange rate system reflects the confidence of the international market in Hong Kong. "With the Chinese mainland acting as a strong backbone of Hong Kong's prosperity and stability, we believe Hong Kong's standing as an international financial center will be more prosperous and solid instead of being shaken."

Global Times