The national flags of the U.S. and China waving outside a building.

Teh Eng Koon | AFP via Getty Images

WASHINGTON – The Biden administration on Friday warned businesses with operations in Hong Kong of sweeping financial and regulatory risks as China continues to restrict political and economic freedoms in the territory.

The nine-page Hong Kong Business Advisory – published jointly by the departments of State, Treasury, Commerce and Homeland Security – warns that U.S. firms are encountering a number of risks posed by China’s national security law in Hong Kong.

The advisory states that “businesses face risks associated with electronic surveillance without warrants and the surrender of data to authorities” as well as “restricted access to information.”

“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…

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