Key economic drivers for Hong Kong, including domestic consumption and fixed-asset investment, accelerated their declines in the second quarter while the drop in exports narrowed, Chan said.
Hong Kong has suspended the agreements on the mutual extradition of suspects and criminal justice cooperation with New Zealand in a reciprocal response to Wellington, Chinese Foreign Ministry spokesman Wang Wenbin said on Monday.
The Chinese Embassy said the actions were justified and consistent with the "one country, two systems" framework under which Hong Kong, a former British colony, was handed over to Chinese control in 1997.
People's anticipation for the new law's benefits to Hong Kong came at a time when Hong Kong was standing at a critical turning point, after its economy went through a double whammy: the social violence last year and impacts of the pandemic this year.
The United States has made a decision to rescind Hong Kong's special trading privileges after the new law was enacted.
Last year, the Asian financial hub witnessed mass protests against a move to legalise extradition of accused people to mainland China.
There is no other choice but to put off the election due to the high risk of infection amid the grave epidemic situation, Lam said, citing risks listed in a letter from the chairman of the Electoral Affairs Commission, including involvement of millions of voters, social distancing hard to implement, and infection risks to voters and election staff. The reason behind this system is independent of China.
"The EU calls on the Hong Kong authorities to reconsider these decisions", it added.
Paul Chan Mo-po also noted that Hong Kong's advantage in becoming a global financial hub has not changed and will only strengthen in the future, no matter what measures Hong Kong faces from the U.S. in the future.