The Hong Kong Special Administrative Region (HKSAR) government said on Saturday that the U.S. attempt to damage its reputation as a global business hub is doomed to fail.

Photo taken on July 14, 2020 shows the Golden Bauhinia Square in China's Hong Kong. (Xinhua/Wu Xiaochu)

The statement followed a warning the U.S. issued on Friday to American businesses and individuals operating in Hong Kong SAR about risk following the imposition of the national security law.

"The U.S. Administration's latest attempt to issue a so-called 'advisory' to U.S. businesses and individuals operating in Hong Kong based on totally ridiculous and unfounded fear-mongering about the situation in Hong Kong only serves to prove yet again its hypocrisy and double standards, driven by ideological hegemony," the spokesperson of HKSAR government said in the statement.

The spokesperson defended the national security law as the "major turning point in Hong Kong's transition from chaos to order," noting that the rule of law and judicial independence in Hong Kong after its implementation are as robust as ever.

Under the national security law, Hong Kong's status as an international financial center has not wavered at all as several figures including IPO funds raised in the city, the amount of funds flowing into the Hong Kong dollar system and total deposits in the Hong Kong banking system all registered rises after the law came into effect.

"Investors have not been deterred by the National Security Law," the spokesperson said. "All in all, the cornerstone of Hong Kong's success remains intact. The defamatory remarks in the U.S. 'advisory' that U.S. businesses maintaining a presence or staff in Hong Kong should consider the potential reputational, economic and legal risks could hardly be substantiated."

In the statement, the HKSAR government also condemns the so-called sanctions imposed by the U.S. on the seven deputy directors of the Central People's Government Liaison Office in Hong Kong.