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.

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 implementation 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.

In addition, the HKSAR government also condemned the so-called sanctions imposed on seven deputy directors of the Liaison Office of the Central People's Government in the HKSAR in the statement. Earlier, Office of the Commissioner of the Ministry of Foreign Affairs of China in the HKSAR also voiced their strong opposition.

The Hong Kong government 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.

The purpose of the legislation is to ensure the full and faithful implementation of "One Country, Two Systems," "Hong Kong people administering Hong Kong" and Hong Kong's high degree of autonomy, as well as safeguard national security and maintain prosperity and stability of Hong Kong, the spokesperson said.

The cornerstone of Hong Kong's success remains intact, the spokesperson said.

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 rise after the law came into effect.

As a free and open economy and an international city, Hong Kong will continue to welcome overseas businesses, including U.S. businesses, to set up offices in Hong Kong and to use Hong Kong as their regional headquarters or regional offices, the spokesperson said.

The abundant opportunities arising from the country's 14th five-year plan are appreciated by the international business community in Hong Kong as illustrated in their recent words and deeds about the business environment, the spokesperson said. 

(With input from Xinhua)