Critics have warned the law could spell the end of Hong Kong as an international financial hub.

A woman walks in front of riot police in Hong Kong on May 28, 2020.
 (Photo: Vincent Yu, AP)
China’s rubber-stamp parliament approved sweeping new national security legislation for Hong Kong on Thursday, in a move that jeopardizes the city’s autonomy, has sparked pro-democracy protests and drawn fierce criticism from the United States. 
Critics have warned the law could spell the end of Hong Kong as an international financial hub. The legislation’s adoption by Chinas National Peoples Congress comes less than 24 hours after the Trump administration said that it no longer considers the former British colony to be autonomous from mainland China.
A “disastrous decision,” U.S. Secretary of State Mike Pompeo said Wednesday, denouncing the law. It bans sedition, secession and other forms of subversion against Beijing. It also allows China’s state security agencies to operate in the city. 
President Donald Trump has signaled he is considering sanctions or other punitive measures against China for the move that erodes Hong Kong’s “one country, two systems” political framework in place since 1997. The city has swiftly become a new battleground in escalating Cold War-like tensions between Washington and Beijing. 
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