「我經歷家道中落，憑發奮好學、努力工作，一步步走到今天。我和許多港人一樣，相信天道酬勤；三次出洋留學，更令我深信教育和知識的力量。我希望新一代同樣有發揮所長的機會，使這些信念能夠延續下去，薪火相傳。今後，讓我們繼續共建希望，開拓美好未來！」
簡介
葉劉淑儀 GBM, GBS, JP (大紫荊勳賢、金紫荊星章、非官守太平紳士)
葉劉淑儀(香港大學文學士(一級榮譽)、英國格拉斯哥大學文學碩士、美國史丹福大學管理碩士、美國史丹福大學東亞研究文學碩士)
葉劉淑儀女士於1975年至2003年在香港政府服務，期間曾於多個不同範疇工作，包括在地區層面推行政府民主化、國際工貿及保安。她是首名被委任出掌紀律部隊(入境事務處)的女性(1996-98)，亦是首名女性保安局局長(1998-2003)。
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2003年，葉劉淑儀女士辭去在香港特區政府的職務，帶女兒到美國就學，自己亦在當地進修。她在史丹福大學完成東亞研究文學碩士課程後，於2006年6月回港。她在2006年7月成立了智囊組織「匯賢智庫」，集中研究香港憲制和經濟兩方面的結構性問題。「匯賢智庫」的核心願景，就是令香港轉型為知識型經濟。
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2008年9月，葉劉淑儀女士在立法會選舉(香港島地方選區)獲選為立法會議員。
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2011年1月，葉劉淑儀女士創立「新民黨」，獲選為黨主席。2012年、2016年及2021年，三度成功連任立法會議員。
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2012年10月及2017年7月，葉劉淑儀女士獲委任為行政會議非官守議員。
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2015年9月，葉劉淑儀牽頭成立了「海上絲綢之路協會」，擔任聯席主席。
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2016年12月，葉劉淑儀向行政長官辭去行政會議成員職務並獲批准。她曾參選2012年及2017年行政長官選舉。
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2022年7月，葉劉淑儀獲香港特區第六屆政府委任為新一屆行政會議召集人。
愛文學的乖乖女
我的父親乃新加坡華僑，原籍廣東佛山南海（與葉問同鄉）。從爸爸口中得知，曾祖父在星洲發跡後，心懷家國，回到唐山建祖屋、聯絡鄉親。兒時，爸爸經常奔走星、港兩地；可惜後來生意艱難，家境漸困。
母親十分重視教育，即使我們家道中落，她仍堅持將我送到校風純樸的聖士提反女校上學。自四歲起在教會學校讀書，我較多機會接觸英語及英國文學，「數口不精」的我較愛語文及人文學科，後來考入香港大學英國文學系，以一級榮譽畢業。
父親在我大學畢業前過世，我身為長女，自此肩負起養家的責任。畢業不久，可能與我愛學習有關吧，到了新法書院當教師，教授「老本行」英語及英國文學。數十年後的今天，我仍非常喜歡教書，間中會到自己於2009年創辦的匯賢智庫學苑向中學生講課，既可重拾昔日興趣，又有機會與年輕人談天，聽聽他們的想法。
1973年，我靠著一點積蓄，隻身到蘇格蘭格拉斯哥大學，在艱苦的環境下完成英國文學碩士學位。雖然我在學校多接觸「番書」，但受媽媽的薰陶，自幼對中國文學（特別劇曲）的興趣甚濃。現在，雖然立法會及政黨工作繁重，我仍會間中抽空欣賞京劇及其他地方戲曲，閒時也愛閲讀經、史、子、集及其他文學經典。
公僕銅人行
1975年，我獲聘為政務主任，從低做起，在多個政府部門服務。
任職工商科、貿易署和工業署時，我與多國及歐共體、世貿、亞太經合組織等談判，為本地業界掃除貿易障礙，並推動科技創新和工業發展。
1996年任入境處處長，隨後當上保安局局長；我四出推銷特區護照，爭取到歐盟免簽證，奠定多國免簽證的基礎。此外，我亦處理了多項棘手問題，包括居港權、公安條例、張子強綁架案等，為保障港人的穩定生活出一分力。
擔任公職近30年來，我不僅見證了地區民主化、主權回歸、新機場啟動以及香港作為中國第一個特區的早期發展等歷史里程碑，亦處理過不少極具爭議性的任務，大大提升了我的政治能力。
學會謙卑 政治科學101
2003年推動《基本法》廿三條立法的經歷，是我人生重要一課。我於是決定實踐一個醖釀多年的念頭──繼1986年到史丹福修讀管理碩士課程後，我重返校園，「回到曠野」。在美國史丹福的第一年，我擔任訪問學人。在鳥語花香的校園，生活恬靜，終能真正與女兒享受家庭樂。同時，我不斷深切反思從前為官時之不足，以及推銷政策時之錯誤，覺悟自己當年解釋政策時的確忽略了市民感受。
我在史丹福的第二年，獲東亞研究碩士課程取錄，重新學習政治科學；不但學習書本上的理論，也親身體會到美國的民主政治和選舉模式。2005年年底，我與在史丹福認識的一群香港「同學仔」，以及住在三藩市灣區的科技界人士，計劃回港組織智庫，以期推動香港的科技創新及經濟轉型，鼓勵有識之士積極參政，發展優質民主。
2006年我取得人生中第三個碩士學位（東亞研究）。留學外地，雖然清靜安逸，但我時刻記掛著香港；憑藉三年留學之體驗，我深切體會到，若得不到民意授權，始終難以服務社會；故於2007年我毅然重新起步，返港參選。
走民主路 重獲市民信任
2006年我回港成立匯賢智庫，2009年創立匯賢智庫學苑，至今已收生越千人，2011年創立新民黨，積極推動香港民主發展。
2007年，我參加立法會港島區補選，雖然敗於陳方安生女士，但有幸得到13萬7千多名選民支持，獲得近43%選票。2008年，我再接再厲參選，我們的團隊得到超過6萬1千票，是全港得票第四高的名單。
進入立法會後，我參加了9個事務委員會，關注各個政策範疇。我關心中產議題（包括動議撤銷外傭稅，使政府暫緩執行）；協助雷曼迷債苦主，提出金融改革建議；力倡促進科技發展和改善教育；反對降低強拍門檻；向各方解釋居港權問題，提出解決方法……數年努力，終獲市民認同，民調多次把我列為最受歡迎議員，給我極大鼓舞。
相信希望 共建香港
近年，社會經常討論甚麼是香港的核心價值。香港吸納了許多西方文化的優點，例如健全法制、自由人權和科學管理；同時，我們亦保持華人的優良傳統，如重視家庭和教育，以及堅持奮鬥、深信努力總有回報的精神。這些都是香港賴以成功的要素。
我經歷家道中落，憑發奮好學、努力工作，一步步走到今天。我和許多港人一樣，相信天道酬勤；三次出洋留學，更令我深信教育和知識的力量。我希望新一代同樣有發揮所長的機會，使這些信念能夠延續下去，薪火相傳。回港後這幾年，我為30多名年輕人提供就業機會，並鼓勵了多位青年參政，這可說是我最感自豪的成就之一。
早前，新民黨和匯賢智庫的手足同僚在辦公室為我舉行了一個小型生日派對。他們請我許願，我說，在奮鬥的路途上，幸得朋友挺身支持，我已非常感恩，別無他願。今後我只會繼續努力，在不同崗位服務市民，為香港出一分力。
一直以來，我們相信希望，創出奇蹟；今後，讓我們繼續共建希望，開拓美好未來！
學歷及專業資格
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香港大學文學士（一級榮譽）
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英國格拉斯哥大學文學碩士
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美國史丹福大學管理碩士
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美國史丹福大學東亞研究文學碩士
工作經歷
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新法書院大坑道分校學位教師
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政務主任 （輔政司署銓敘科）
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民政署社區關係主任
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旺角民政主任
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助理新界民政司
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政務總署首席助理政務司
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首席助理保安司
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助理貿易署署長
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副行政署長
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副工商司
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工業署署長
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人民入境事務處處長（入境事務處處長）
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保安局局長
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匯賢智庫創會主席
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新民黨主席
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立法會議員(香港島西)
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行政會議召集人
Biography
Regina IP LAU Suk Yee, GBM, GBS, JP
Regina IP LAU Suk Yee - B.A.-First Class Honor (University of Hong Kong), Master of Letters (University of Glasgow), Master of Science in Management (Stanford University), and Master of Art in East Asian Studies (Stanford University)
Mrs. Ip worked for the Hong Kong Government from 1975 to 2003. During that time, she served in a wide range of areas including democratization of local government, international trade and industry and security. She was the first woman to be appointed the head of a disciplined service (Immigration Department) (1996-98) and as Secretary for Security of Hong Kong (1998-2003).
In 2003 Mrs. Ip resigned from her position in the Government of the Hong Kong Special Administrative Region to take her daughter to the U.S. for education and to pursue higher studies herself. In June 2006, she returned to Hong Kong after completing the MA program in East Asian Studies at Stanford University. In July 2006, she established Savantas Policy Institute, a think tank focused on tackling the twin structural constitutional and economic problems of Hong Kong. The core vision of Savantas is to transform Hong Kong into a knowledge-based economy.
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In September 2008, Mrs. Ip was elected Legislative Council Member in the Hong Kong Island geographical constituency.
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In January 2011, Mrs. Ip founded New People’s Party and was elected the party chairperson. She was re-elected as Legislative Council Member in September 2012, 2016, and December 2021respectively.
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In October 2012 and July 2017, Mrs. Ip was appointed as Non-Official Member of the Executive Council (ExCo).
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In September 2015, she established the “Maritime Silk Road Society” (MSRS), and is now Co-Chair of the organization.
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In December 2016, Mrs. Ip resigned from the Executive Council. She ran in both 2012 and 2017 Chief Executive elections.
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She is currently the Convenor of the Executive Council for the sixth term of the HKSAR Government.
自中美兩國於1979年建立外交關係，兩國之間的學術交流合作愈趨頻繁。過往10年，前往美國就學的中國留學生數目由2011/12學年約20萬急升至2019/20學年約37萬；而前往中國留學的美國學生數目高峰時亦有約1.5萬。
但隨着在特朗普2016年上台，美國的對華立場出現重大改變，中美關係轉趨緊張。特朗普在任期間，以保護美國學界的研究成果為由，推出一系列政策窒礙中美學界的正常交流，包括限制「與軍方有聯繫」的研究生及訪問學者入境；要求辦學機構公開與孔子學院或孔子課堂的任何合約、合作關係或資金往來。單是2020年的幾個月內，美方就撤銷了約1000個中國公民的簽證。
特朗普下台後，拜登政府延續強硬的對華政策，繼續維持對中國留學生及訪問學者的入境限制。《華盛頓郵報》上月一篇報道指出，近年有不少中國留學生在入境美國時遇到非常嚴厲的審查。有不少學生指出，美方管制人員輕則會盤問他們、搜查他們的隨身物品，重則會拘留他們，甚至把他們即時驅逐出境。美國學術界受政治壓力驅使，主動減少與中國學界的聯繫。多所美國大學主動終止在內地的課程計劃，或將計劃改在台灣舉辦，所有受當地政府資助的孔子學院亦縮減了中國語文課程的規模。
美方各種不友善舉措大大打擊中國留學生前往深造的意欲。美國國務院轄下教育及文化事務局（Bureau of Educational and Cultural Affairs）的數據顯示，中國留學生的數目已由2019/20學年高峰的372,532跌至2022/23學年的289,526；而2021/22學年前往中國的美國留學生更只剩下211人！
長遠而言，中美學術交流的斷絕會進一步窒礙兩國的正常交流，對雙方都是弊多於利。下期將展開詳述。
Since the establishment of diplomatic relations between China and the United States in 1979, academic exchanges and cooperation between the two countries have become increasingly frequent. In the past decade, the number of Chinese students studying in the United States increased sharply from about 200,000 in the 2011/12 academic year to about 370,000 in the 2019/20 academic year; while the peak number of American students studying in China was also around 15,000.
However, with the significant change in the US's policy toward China since Trump took office in 2016, relations between China and the US have become more strained. During Trump's term, under the pretext of protecting US academic achievements, a series of policies were introduced to hamper normal exchanges between Chinese and American academia, including restrictions on graduate students and visiting scholars related to the military from entering the country; requiring educational institutions to publicly disclose any contracts, cooperative relationships or financial dealings with Confucius Institutes or Confucius Classrooms. Just in 2020, the US revoked visas of about 1,000 Chinese citizens.
After Trump left office, the Biden administration continued the hardline policy toward China and maintained restrictions on Chinese international students and visiting scholars entering the country. A Washington Post report last month pointed out that in recent years, many Chinese students have encountered very strict inspections when entering the US. Many students said US immigration officials would interrogate them, search their personal belongings, detain them, or even deport them immediately. Under political pressure, the US academic circle proactively reduced contacts with Chinese academia. Many US universities unilaterally terminated courses in China or moved programs to Taiwan. All Confucius Institutes subsidized by the local government also downsized Chinese language courses.
The unfriendly moves by the US greatly dampened Chinese students' willingness to pursue advanced studies abroad. Data from the Bureau of Educational and Cultural Affairs under the US State Department shows that the number of Chinese students has dropped from a peak of 372,532 in the 2019/20 academic year to 289,526 in the 2022/23 academic year; while in the 2021/22 academic year, there were only 211 American students studying in China!
In the long run, the severing of academic exchanges between China and the US will further hinder normal communication between the two countries, which is detrimental to both sides. More details will be discussed in the next issue.
The tireless efforts the government is making to reboot Hong Kong’s economy will be futile if the city’s leaders fail to grasp the challenge of integration within the Greater Bay Area and come up with strategies to turn the challenges into opportunities.
A framework agreement for deepening cooperation between Guangdong province, Hong Kong and Macau was signed on July 1, 2017. Almost seven years on, development in the bay area plan is bringing about profound changes to Hongkongers’ lifestyle and the economy.
Soon after the reopening of mainland China early last year, Hongkongers discovered that cities in the Greater Bay Area have made giant strides in urban planning and the service economy. As a result, they have been flocking to the bay area to spend their consumption dollars.
Between March 28 and April 8, which includes the extended Easter weekend and Ching Ming Festival, a staggering 3.6 million Hong Kong residents went north via land control points, compared to about 860,000 mainland residents who visited Hong Kong.
Other cities in the Greater Bay Area have become Hongkongers’ go-to playground in the same way that mainland residents poured into Hong Kong after the Individual Visit Scheme was launched 21 years ago.
The economic impact of this reversed travel pattern being felt across the Greater Bay Area. Last year, Shenzhen authorities announced that “social consumption and retail spending” rose by 7.8 per cent while its gross domestic product (GDP) grew by 6 per cent, exceeding Hong Kong’s and other first-tier cities on the mainland.
In comparison, tourist arrivals from the mainland that have failed to reach pre-pandemic levels, plus weaker spending, as well as the “leakage” of our consumption dollars to the mainland, means our economic recovery crawled to an anaemic 3.2 per cent last year, from a low base in 2022.
In comparison, tourist arrivals from the mainland that have failed to reach pre-pandemic levels, plus weaker spending, as well as the “leakage” of our consumption dollars to the mainland, means our economic recovery crawled to an anaemic 3.2 per cent last year, from a low base in 2022.
The northbound trend is set to increase as more convenient transport links with the mainland develop as part of the Northern Metropolis project, an ambitious plan to develop Hong Kong’s northern districts into a technology hub that will accommodate 2.5 million people. As that happens, more Hongkongers may well choose to live on the mainland, and commute daily to work in Hong Kong, or simply work in other mainland cities.
A fundamental problem with Greater Bay Area development is that it is far from being a single market, even though integration is one of the objectives of the 2017 framework agreement.
Under the “one country, two systems” arrangement, there is no free movement of people, goods, services and data between the mainland and Hong Kong. As separate custom and immigration areas, both sides have instituted controls that make market integration a slow and difficult process.
In the short term, Hong Kong needs to overcome the asymmetry of movement and spending by urging the central authorities to allow residents of more remote mainland cities to visit, as well as approve multiple-visit permits and increase the duty-free allowance for mainland residents returning from Hong Kong.
In the long term, the government must develop a strategy for mainland cities and Hong Kong to complement each other. Officials must work out how to make use of the abundant resources mainland cities have to offer to remedy our shortages.
As more Hongkongers choose to live in nearby mainland cities, why can’t we build our residential care homes in those cities? Cross-border transport is now far more convenient. After all, our residential care homes depend heavily on the import of workers from Guangdong and Guangxi.
Instead of spending billions to reclaim a small area of land, why don’t we buy good-quality housing that’s readily available in nearby mainland cities, to provide more options for those who live in the northern districts? Now is a good time to buy on the cheap.
We should also take more vigorous measures to phase out hindrances for mainland professionals to work in Hong Kong, bring in more talent and import more mainland labour.
Only by leveraging the mainland’s resources, and combining our strengths with theirs, can we turn the process of Greater Bay Area integration into a win-win formula. The government ought to remould Hong Kong into a metropolis like London or New York, with some of its population dispersing into nearby suburbs.
The Hong Kong diaspora on the mainland will make Hong Kong more influential while relieving the pressure of the cost of living in this city. The government needs to think outside the box and move fast.
如果特區政府未能抓住粵港澳大灣區一體化的機遇制定相關策略，即使政府不斷為重振香港經濟而作出努力，將會是徒勞的。
2017年7月1日，廣東省、香港和澳門簽署了深化合作框架協議。快將七年過去，粵港澳大灣區規劃帶來深遠影響，不僅改變了香港人的生活方式，也改變了經濟環境。
去年年初內地開關不久，香港人就發現粵港澳大灣區內城市，無論在城市規劃和服務業方面已迅速進展。結果，香港人踴往大灣區消費了。
今年3月28日至4月8日期間，包括復活節及清明節長假期周末，有多達360萬香港居民通過陸路口岸北上，來香港的內地居民約有86萬人。
這充分反映香港人越來越喜歡離港到鄰近城市消費購物，享受當地便利的生活設施。香港或已無法滿足消費需求，內地城市的競爭力正不斷增強，吸引香港市民。
特區政府和企業如果不想失去這批消費客源，就必須積極參與和引導粵港澳一體化，做好產業對接，協同發展香港與內地市場。
其他粵港澳大灣區城市已經成為香港人新的休閑場所，就像21年前開放個人遊後內地居民湧進香港一樣。
這種反向旅遊模式帶來的經濟影響正蔓延整個大灣區。去年，深圳官方表示“社會消費和零售開支”增長7.8%，GDP增長6%，超過了香港及其他一線內地城市。
相比之下，來港旅遊人數未能恢復疫情前水平，消費力也較弱，加上香港消費流向內地「漏走」，導致我們的經濟復蘇僅從2022年低位爬升到去年的3.2%。如果香港不想失去這批消費客，必須主動參與大灣區一體化，與內地城市合作開拓市場，推動相關產業發展。否則經濟難實現真正復蘇。
餐館與商店的關閉迫使政府發起「香港夜繽紛」活動來刺激本地消費。但這一下滑趨勢很可能會持續，除非香港餐飲與零售服務能達到粵港澳大灣區的質量標准。
如果將所有責任歸咎於我們的服務供應商，值得說的是宏觀經濟力量在這個下滑趨勢中也起到很大作用。香港幣與美元掛鉤，使香港物價對日本、韓國和內地旅客來說極為昂貴。
我們需要借此機會，檢討自身的服務水平與競爭力，並主動學習粵港澳區域內其他城市在人才培訓、科技應用等領域的優良經驗，跟上時代步伐。只有這樣，香港的旅遊業和經濟才有望持續健康發展。
鑒於港幣實力強勁，香港理應貶值。但薪資水平受勞工短缺影響較通貨膨脹更甚的「粘滯性」，使香港很難實現通縮。盡管商業房租有所下降，但香港高薪和房地產成本使其在價格上競爭力近乎無限。
隨著北部都會區計劃落實，香港北區極其宜居的交通網絡將日益完善，這一規劃將該地區打造成可容納250萬人的科技中心。這使更多香港人可能選擇定居內地，每日通勤至港工作，或直接在內地其他城市工作。北上的趨勢將進一步增強。
粵港澳大灣區發展的一個核心問題是，一體化是2017框架協議的目標之一，但區域內市場分化仍很明顯，遠未真正形成單一市場。
根據「一國兩制」，內地與香港在人員、貨物、服務和數據並沒有自由流動。作為單獨的海關和出入境管理區，雙方設立了管理，使市場一體化變成緩慢艱難的過程。
短期來看，香港需要解決來往和消費不對等問題。這可以建議中央允許更多內地較遙遠城市的居民來港，批出更多「一簽多行」通行證，提高港人赴內消費免稅額度。
長遠來看，政府必須制定內地城市與香港互補發展的戰略，官員應研究如何充分利用內地城市豐富資源彌補香港短板。只有內地與香港在人員、貨物與資金流通等各個層面進行全面聯通，粵港澳大灣區市場一體化才能真正實現，使香港經濟獲得更大活力。
隨著香港人選擇定居鄰近內地城市人數增多，我們為什麼不可以在那些城市建設養老院？跨境交通比以往方便得多，而養老院目前已高度依賴從廣東和廣西輸入護理員。
相比花費數千億進行小範圍的填海造地，不如利用鄰近內地城市豐富的高質量房產資源，提供更多選擇給居住在北區的人，現在正是內地房價低廉的好機會。如此一來不僅可以最大限度優化資源配置，還可以緊密結合大灣區內人才與服務資源。離港的年長香港人也可以享受更優質的安老環境，政府值得重視這個可行性高的優化方案。
我們也應采取更積極的措施，逐步消除內地專業人士來港工作的障礙，吸引更多人才，增加從內地輸入勞工。
唯有利用內地資源，結合我們各自的優勢，才能將粵港澳大灣區一體化進程變成雙贏的局面。政府應該把香港打造成類似倫敦或紐約這樣的都會，部分人口分布在周邊郊區。內地的香港人口會使香港的影響力更大，同時緩解生活成本在本地的壓力，政府需要脫離舊式思維，迅速行動。
如果及早把握大灣區機遇，香港定能在新的發展格局中繼續發揮重要作用。
自《維護國家安全條例》於3月19日獲立法會全票通過後，社會上不少人士都關注美國政府會否採取大規模制裁措施，制裁有關官員及議員。
就目前情况而言，美國當局的反應遠較想像中克制。除國務卿布林肯於3月22日發表聲明，對香港的高度自治、民主體制和自由權利表示關注外，華府僅宣布對數名港府官員實施簽證限制，措施力度遠輕於美國2020年就《香港國安法》實施後的制裁。
全國人大常委會2020年6月30日通過《香港國安法》後，美國迅速於7月14日通過《香港自治法》授權美國聯邦政府廣泛制裁實施《香港國安法》的中華人民共和國與香港特別行政區政府官員。時任總統特朗普即時簽署行政命令，引述包括《香港人權與民主法》及《香港自治法》在內的多項法例，宣布制裁多名中央及港府官員。
我認為，華府是次應對如此克制的主要原因是不希望再次損害暫趨穩定的中美關係。去年11月，國家主席習近平與拜登在三藩市會面時達成多項共識，包括兩軍高層恢復恆常溝通及合作加強打擊毒品販運。加上美國近日將有多名內閣級官員訪華，相信華府當局並不樂見兩國關係在此刻因香港問題再生枝節。《維護國家安全條例》是經香港本地自行立法，符合普通法程序，加上內容參考了不少西方國家的國安法例，有理有節，並不存在所謂對公民社會、媒體及異見聲音的壓抑。
最重要的是，與2019年黑暴動亂時相比，香港在美國媒體及政界的關注度已下降。由於黑暴打破了外界對香港社會和平有序的印象，因此受到國際媒體的廣泛關注及報道。受此影響，當時有不少美國國會議員都爭相走訪香港，與暴徒合照，表示支持香港的「民主運動」。但現在西方媒體對香港的報道篇幅已不及從前，《維護國家安全條例》的通過亦未在美國國內引起太大迴響。
除此以外，美國國會現時內部一片混亂，我相信國會議員此刻尚未能分神對香港採取制裁行動。
Since the passage of the National Security Law for Hong Kong by the Legislative Council with unanimous consent on March 19, many in society have been concerned about whether the US government will impose large-scale sanctions or penalties against relevant officials and legislators.
So far, the US response has been much more restrained than imagined. In addition to Secretary of State Blinken's statement on March 22 expressing concerns about Hong Kong's high degree of autonomy, democratic system and freedoms, Washington only announced visa restrictions on a few Hong Kong government officials, with measures far lighter than US sanctions after implementation of the Hong Kong National Security Law in 2020.
After the Standing Committee of the National People's Congress passed the Hong Kong National Security Law on June 30, 2020, the US swiftly passed the Hong Kong Autonomy Act on July 14, authorizing wide-ranging sanctions by the US federal government against officials of the People's Republic of China and the Hong Kong Special Administrative Region government who implemented the Hong Kong National Security Law. Then-President Trump immediately signed an executive order citing multiple laws including the Hong Kong Human Rights and Democracy Act and the Hong Kong Autonomy Act to announce sanctions against several central and Hong Kong government officials.
I believe the key reason for Washington's restraint this time is not wanting to further damage Sino-US relations which have regained some stability. In November last year, President Xi Jinping and Biden reached multiple consensuses in San Francisco, including resumption of regular communication and cooperation between military leaders as well as strengthening joint efforts against drug trafficking. Coupled with upcoming visits to China by several senior US Cabinet officials, it's believed Washington does not welcome further complications in bilateral relations over the Hong Kong issue at this time. The National Security Law for Hong Kong was legislated locally through Hong Kong's own processes according to common law procedures, drawing on many Western countries' national security laws, with sound logic and reason and devoid of so-called suppression of civil society, media and dissenting voices.
Most importantly, Hong Kong now attracts less attention from the US media and political circles compared to the black riots in 2019. The black riots shattered the international impression of Hong Kong as a society of peace and order, receiving widespread international media coverage and reports. Influenced by this, many US Congress members at the time competed to visit Hong Kong and pose for photos with rioters expressing support for Hong Kong's "democratic movement." But now Western media coverage of Hong Kong is less than before, and the passage of the National Security Law for Hong Kong did not stir up major reverberations domestically in the US.
Additionally, the US Congress is currently in disarray, and I believe Congress members do not have the bandwidth at this time to take sanctions action against Hong Kong.