The Hong Kong Human Rights and Democracy Act mandates sanctions on Chinese and Hong Kong officials who carry out human rights abuses and requires an annual review of the favorable trade status that Washington grants Hong Kong.
The American Chamber of Commerce in Hong Kong has called for support for Hong Kong's special status, saying that many US businesses feared that the bill, with the sections addressing export controls and sanctions, could have counter-productive consequences on them.
The House is also due to take up a second bill that also passed the Senate unanimously on Wednesday, to ban the export of certain crowd-control munitions to Hong Kong police forces.
Republican Senator Marco Rubio was a main sponsor of the Senate-passed bill, which was co-sponsored by Republican Senator Jim Risch and Democratic senators Bob Menendez and Ben Cardin.
The committee pointed out that the most pressing task for Hong Kong at present is to bring violence and chaos to an end and restore order, which represents the broadest will of Hong Kong people and the largest human rights in Hong Kong.
Markets partially recovered at the end of Thursday trading on reports that more meetings are planned between the USA and China in a bid to conclude a partial trade deal before the December 15 deadline when tariffs will be added on US$156 billion of Chinese-made goods.
And former White House chief economic adviser Gary Cohn doused some hopes by recently saying he expects U.S. President Donald Trump will impose the tariffs if no deal is reached because he'd lose credibility with China if he doesn't.
Chinese e-commerce giant Alibaba will raise up to $12.9bn in its Hong Kong secondary listing, pricing its shares at a 2.8 percent discount to their last closing price in NY, two sources with direct knowledge of the matter have reportedly said.
Its secondary listing in Hong Kong is happening as the city nears its seventh month of anti-government protests, which has dented consumer and business sentiment and dragged its economy into a recession.
But the White House has not threatened to veto the measure and Trump is expected to sign it, according to a source familiar with the matter.
"We are standing with them [people of Hong Kong]", Republican Senator Marsha Blackburn said.
The votes marked an unusually strong show of bipartisanship in divided Washington.
Demonstrators are angry at what they see as Chinese meddling in freedoms promised to Hong Kong when the British colony returned to Chinese rule in 1997.
Commenting on the opening of the China Liaison Office, ICS Chairman Esben Poulsson said: "The opening of an ICS Liaison Office in Hong Kong reflects the importance, and the influential role that Asian economies, and particularly China, play on the global stage".
Inside the increasingly empty and trashed campus of a Hong Kong university only a handful of activists held out today as they desperately searched for ways to escape or hide while squads of police encircled the grounds.
A small but determined group of protesters is remaining inside a Hong Kong university campus, resisting pleas to turn themselves in to police.
Others have attempted to abseil out, crawl out through sewage drains and by tunnelling under barriers.
"I urge those remaining in the campus to leave as soon as possible", university vice president Alexander Wai said after touring the campus.
More than 5,000 people have been arrested since the protests started in June over a now-abandoned extradition bill that would have allowed criminal suspects to be sent to mainland China for trial. "Is Xi really going to be invited for a grip-and-grin with the president as his cops are beating students in Hong Kong?"
With the ongoing protests, they are now pushing for the right to directly elect their own government, for an independent commission to investigate police brutality, and they want the territory's leader, Carrie Lam - who was hand-picked by the Chinese Government - to resign.