Hong Kong businesses see positive impact of national security law, worry most about foreign sanctions, chamber survey shows
- More than 61 per cent believe the national security law will have positive impact on businesses in the long-run
- Business sector opposes any sanctions as they may hurt both companies in Hong Kong and spread the pain overseas
The chamber surveyed its 4,000-odd members last week as Beijing endorsed the legislation tailor-made for the city, of which 418 responded with answers. Since it was unveiled at the annual National People’s Congress on May 21, the proposal that seeks to bypass Hong Kong’s legislature has roiled the local stock market and further widened the rift in US-China ties.
“The chamber calls for detailed provisions of the law and specific implementation measures to be announced as soon as possible to address the concerns stemming from the uncertainties,” said George Leung Siu-kay, chief executive of the chamber, an organisation founded in 1861.
“We oppose any sanctions on Hong Kong as they will not only hurt local companies but also all international companies operating in the city,” he said in a phone interview. Leung, who took up the role on May 1 after leaving HSBC, also warned that trade sanctions on Hong Kong may spread the pain overseas.
“If Hong Kong companies are restricted or hurt by the sanctions, their overseas trading counterparts and related parties will be hurt as a result,” he said.
In a Legislative Council meeting on Monday, Financial Secretary Paul Chan Mo-po repeated his belief that the national security legislation for Hong Kong and the US decision to impose sanctions on Hong Kong would have little impact on the city’s economy.