China Sanctions Bill Leaving Only Trump's Signature... China Calls It a "Useless Bill"

[Image source=Reuters Yonhap News]

[Asia Economy Beijing=Special Correspondent Sunmi Park] As the bill sanctioning Chinese officials involved in the implementation of the Hong Kong National Security Law (Hong Kong Security Law) awaits only the signature of U.S. President Donald Trump, China experts are focusing on the view that this bill is an "ineffective and useless law."

On the 2nd (local time), the U.S. Senate unanimously passed a bill sanctioning Chinese officials involved in the implementation of the Hong Kong Security Law and banks that do business with them. The bill includes provisions to penalize banks that deal with Chinese officials enforcing the Hong Kong Security Law. Organizations that assist in infringing Hong Kong's autonomy and financial institutions that transact with them will also be sanctioned. With the bill passing the Senate following the House the previous day, only President Trump's signature remains in the process.

Within China, there is speculation that fewer than 10 names in total, including senior Chinese officials and institutions involved in the enactment of the Hong Kong Security Law, will be listed on the sanctions list. It is highly likely that top-level officials of the Chinese central government overseeing Hong Kong Special Administrative Region affairs and those related to the newly established National Security Committee in Hong Kong under the Hong Kong Security Law will be included.

However, China experts analyze that even if the U.S. ultimately passes the sanctions bill, it will be difficult for it to achieve the effects the U.S. expects. The atmosphere is that it is a kind of "show" aimed at intimidating China and demonstrating to the American public.

Gao Lingyun, a researcher at the Institute of World Economics and Politics of the Chinese Academy of Social Sciences, explained in an interview with China's Global Times on the 3rd, "The U.S. will first announce the list of Chinese officials involved in the enactment of the Hong Kong Security Law, and then impose fines only on financial institutions that continue to do business with them."

Mei Xinyu, a researcher under the Chinese Ministry of Commerce, explained, "Most of the senior Chinese officials who could be included on the list are not businessmen. Their need for financial services is very limited. Even if the U.S. passes the bill, the actual impact on them will be limited." He added, "Chinese officials will deal with mainland Chinese banks instead of foreign banks. Chinese banks are less affected by various U.S. sanctions than banks in other countries. Chinese banks are in a position to sufficiently finance within China."

Shen Yi, a professor of international relations at Fudan University in Shanghai, said, "Even if the U.S. passes the bill, it will not implement specific sanctions against China. It is likely a 'show' for Americans ahead of the election. Actually imposing sanctions would be like shooting oneself in the head, and the U.S. is well aware of this." He added, "From the U.S. perspective, there is currently no way to sanction China without self-harm."

Meanwhile, Zhao Lijian, spokesperson for the Chinese Ministry of Foreign Affairs, expressed strong dissatisfaction at a briefing the previous afternoon regarding the U.S. push for the China sanctions bill, warning, "The U.S. should stop interfering in Hong Kong and halt the promotion of related legislation. Otherwise, China will definitely respond resolutely, and the U.S. will be held responsible for all consequences."