BEIJING (BLOOMBERG) – The US is trying to mislead American and international companies in Hong Kong by discrediting a Beijing-imposed national security law and the Asian financial hub’s business environment, China’s Foreign Ministry said in a statement.

In a statement on Wednesday (July 14), China’s Foreign Ministry office in Hong Kong said the city’s business environment for foreign investors had become safer, more stable and more predictable following the implementation of the security legislation.

The US’s “sinister intention of playing the ‘Hong Kong card’ to curb China’s development is clear,” the statement said.

The comments come as the White House prepares to warn American companies this week of the increasing risks of operating in Hong Kong, according to three people familiar with the matter.

Those risks include the Chinese government’s ability to gain access to data that foreign companies store in Hong Kong, according to two of those people.

Beijing imposed the sweeping national security law – which bars subversion, terrorism, secession and foreign collusion – on Hong Kong last year following unprecedented and sometimes violent democracy protests in the city.

The law, which officials have used to jail democracy activists and much of the formal political opposition, has frayed ties between the finance hub and many western nations, including the US.

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