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Blinken says report shows China undermined Hong Kong's electoral system

March 17 (Reuters) - U.S. Secretary of State Anthony Blinken said the release of the latest update to the Hong Kong Autonomy Act report showed that China's National People's Congress had unilaterally undermined Hong Kong's electoral system in its March 11 decision.

Blinken said the report identified 24 China and Hong Kong officials whose actions have reduced Hong Kong's autonomy. He added that foreign financial institutions which knowingly conduct significant transactions with these officials would be subject to sanctions.

China's parliament approved on Thursday a draft decision to change Hong Kong's electoral system, further reducing democratic representation in the city's institutions and introducing a mechanism to vet politicians' loyalty to Beijing.

(Reporting by Kanishka Singh in Bengaluru Editing by Shri Navaratnam)