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President Biden during a news conference in the White House on July 15. Photo: Chip Somodevilla/Getty Images

The Biden administration warned U.S. businesses on Friday about the risks of doing business in Hong Kong amid China's crackdown on political and economic freedoms once enjoyed in the region.

Why it matters: The new advisory, along with new sanctions against Chinese officials, will likely heighten tensions between Washington and Beijing.

The departments of State, Treasury, Commerce and Homeland Security alerted firms to the "growing risks" of doing business in the city, where a shifting legal landscape "could adversely affect businesses and individuals operating in Hong Kong."

  • "As a result of these changes, they should be aware of potential reputational, regulatory, financial, and, in certain instances, legal risks associated with their Hong Kong operations," the departments said.
  • The departments used the former pro-democracy newspaper, Apple Daily, as an example of the current dangers of doing business in the city. In the year since China imposed a sweeping new national security law on Hong Kong, police arrested several executives of the paper and recently forced its closure.
  • The Treasury Department announced the new sanctions against Chen Dong, Yang Jianping, Qiu Hong, Lu Xinning, Tan Tieniu, He Jing, and Yin Zonghua, all liaisons for the Chinese Communist Party in Hong Kong, for violating the 2020 Hong Kong Autonomy Act.

What they're saying: In a statement on Friday, Secretary of State Antony Blinken called the new actions "a clear message that the United States resolutely stands with Hong Kongers."

  • "Beijing has chipped away at Hong Kong’s reputation of accountable, transparent governance and respect for individual freedoms, and has broken its promise to leave Hong Kong’s high degree of autonomy unchanged for 50 years," he said.
  • "In the face of Beijing’s decisions over the past year that have stifled the democratic aspirations of people in Hong Kong, we are taking action."

The big picture: Federal agencies this week warned U.S. businesses that they run a "high risk" of violating U.S. laws on forced labor if they have supply chains and investments in the Chinese region of Xinjiang, where the Chinese government is carrying out a genocide against Uyghurs Muslims and other minorities.

Go deeper: China accuses Biden administration of hurting global trade

Go deeper

Oct 7, 2021 - World

Zurich meeting brings rare sign of U.S.-China thaw

Chinese and U.S. officials meet in Alaska in March. Photo: Frederic J. Brown/Pool/AFP via Getty Images

The six-hour meeting White House national security adviser Jake Sullivan had with his Chinese counterpart in Zurich on Wednesday may have done more to defrost the U.S.-China relationship than anything since President Biden took office.

Why it matters: That speaks more to the severity of tensions between the two superpowers than anything Sullivan achieved during his marathon with Yang Jiechi. But the White House counted it as a win and "model" for future talks.

Updated 32 mins ago - World

17 U.S. and Canadian missionaries kidnapped in Haiti

Haitian soldiers guard the public prosecutor's office in Port-au-Prince this month. Photo: Richard Pierrin/AFP via Getty Images

American officials and authorities in Haiti are working to try and free 17 hostages from a U.S.-based missionary group who were kidnapped in Port-au-Prince over the weekend, AP reported Monday.

The latest: Christian Aid Ministries said in a statement Sunday, "The group of 16 U.S citizens and one Canadian citizen includes five men, seven women, and five children." The Ohio-based organization said they were on a trip to visit an orphanage when they were kidnapped Saturday.

China's economic growth slows

A worker assembles heavy truck engines in Hangzhou in eastern China's Zhejiang Province, on Monday. Photo: Long We/Costfoto/Barcroft Media via Getty Images

China's economy grew 4.9% in the third quarter of 2021 compared with a year earlier, the country's National Bureau of Statistics announced Monday.

Why it matters: The gross domestic product growth in the July-September period in the world’s second-largest economy marked the "weakest pace since the third quarter of 2020 and slowing from 7.9% in the second quarter," Reuters notes.