On the eve of China’s National People’s Congress, several ministries held press conferences. At the meeting, Guo Shuqing, Secretary of the Party Committee of the People’s Bank of China and Chairman of the China Banking and Insurance Regulatory Commission, was asked about the impact of U.S. sanctions on Chinese companies and individuals on China’s financial markets.
Guo Shuqing said that the China Banking and Insurance Regulatory Commission and the entire banking and insurance system will not enforce U.S. laws and regulations, but must enforce Chinese laws and regulations. In particular, he said that financial institutions in Hong Kong, including both Chinese and foreign institutions, must comply with Hong Kong laws and regulations and will not enforce U.S. sanctions, describing them as “non-binding.
Guo also criticized the U.S. for interfering in China’s internal affairs as “groundless, unjustified and untenable” and expressed strong opposition to it. He added, however, that China is willing to cooperate with the United States, including with U.S. financial institutions, U.S. companies and intermediaries.
Although Guo Shuqing claimed that all financial institutions in Hong Kong would not implement the U.S. sanctions, however, Hong Kong Chief Executive Carrie Lam Cheng Yuet-ngor disclosed in an earlier interview with Hong Kong media that the U.S. sanctions had made her unable to use her bank account and the government had to pay her salary in the present day, and she had to store a large amount of cash at Home. According to public information, Carrie Lam’s annual salary of HK$5.21 million, is the second highest paid leader in the world.
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