Hong Kong’s pro-Beijing politicians claim controversial national security law good for business GlobeBusiness
Pro-democracy lawmaker Eddie Chu is removed by security during a scuffle with pro-Beijing lawmakers at the House Committee's election of vice chairpersons, presided by pro-Beijing lawmaker Starry Lee Wai-King at the Legislative Council on May 22, 2020 in Hong Kong.Hong Kong’s pro-Beijing politicians sought to allay worries about the impact of China’s proposed national security legislation on the Asian financial hub’s business environment, saying it would boost investor sentiment.
U.S. government officials have said the legislation would end the Chinese-ruled city’s autonomy and would be bad for both its and China’s economies. They said it could jeopardize the territory’s special status in U.S. law, which has helped it maintain its position as a global financial centre.Bankers and headhunters said it could lead to money and talent leaving the city. Hong Kong stocks slumped 5.6% on Friday.
“Especially having gone through almost one year of disruptions, violence and uncertainties, anything particularly in safeguarding national security that will help stabilize the environment is indeed very good for local investment sentiment,” she said. Local newspaper Mingpao quoted a Hong Kong General Chamber of Commerce statement saying that while more details and explanations were needed to preserve confidence, the chamber “always wanted to see social stability and peaceful business environment, and not violence”.
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