Hong Kong's business community backs security law as way to restore stability
Following months of protests that plunged Hong Kong into turmoil last year, the semi-autonomous city’s commercial community has largely embraced new security law as a way to get back to doing business.
The Hong Kong General Chamber of Commerce described the passing of the law earlier this week as "instrumental in helping to restore stability and certainty to Hong Kong, which has been severely impacted by the social unrest since last year".
"We need a stable environment which the (security law) aims to provide," it said.
Hong Kong stocks rallied almost three percent Thursday, led by property firms with investors betting that the law will restore peace to the global financial hub.
British banking giants HSBC and Standard Chartered joined other firms in publicly backing the law last month. Both have a major presence in Hong Kong and on the mainland China.
Analysts and members of the business community have said the law is unlikely to spark a mass exodus of foreign firms.
"By and large, the mindset of business people is always to try and carry on as if nothing has changed, and try and avoid the political risks," media outlets quoted Ben Bland, a political analyst at the Lowy Institute, an Australian think tank as saying.
"So I'm not surprised by the sort of reactions we've seen," Jes Staley, the CEO of Barclays, told Bloomberg.
China recently unveiled the details of the new national security law for Hong Kong, which has taken effect in the commercial hub amid Western criticism.
The law will punish crimes of secession, subversion, and collusion with foreign forces with sentences of up to life in prison in Hong Kong.
Mainland security agencies will also be officially based in Hong Kong for the first time, with powers that go beyond the city’s local laws.
Among other details is a ban on violators of the law standing for elections and greater oversight of non-governmental organizations and news groups.
The law further specifies that those who destroy government facilities and utilities would be considered subversive. Damaging public transportation facilities and arson would constitute acts of terrorism.
China says the law is necessary to tackle secession, subversion, terrorism, and collusion with foreign forces following violent anti-government protests that escalated in June last year.
Speaking at a flag-raising ceremony, Chief Executive of Hong Kong Carrie Lam on Wednesday praised the new law as “the most important development” since the city’s return from British to Chinese rule in 1997.
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