Opinion | With the national security law in place, Hong Kong’s future is more promising than ever

Name: Beijing passes national security law for Hong Kong
Uploaded: 2020-07-03T01:30:07.000Z
Duration: 3 min 33 s
Description: Beijing passes national security law for Hong Kong

Security and stability is good for business and ends the political gridlock distracting the government. Even the threat of US sanctions seems to be receding. The new law also makes China feel more secure about Hong Kong

Reading Time:3 minutes

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Barges with banners that read “Celebrating the return of Hong Kong” sail in Victoria Harbour on the 23rd anniversary of the handover on July 1, a day after the national security law was enacted. Photo: Xiaomei Chen

Bernard Chan

Published: 9:30am, 3 Jul 2020Updated: 10:10am, 3 Jul 2020

“The Death of Hong Kong” … “The End of Hong Kong” … “Is Hong Kong Over?” Since the national security law was announced a few weeks ago, headlines in the international news publications I read every day have been looking more like the obituary pages than the financial and economic section.

But, to paraphrase the famous quote by Mark Twain: “Rumours of our death have been greatly exaggerated.”

Looking around in Hong Kong, post national security law, I see a city unchanged – and with a promising future. We continue to have a transparent and business-favourable tax system. We still have world-class talent in growth sectors such as financial services, plus a superb business services industry to provide seamless operational support.

We remain a common-law jurisdiction, with legal rights and company rights intact. And we boast a deep well of legal professional expertise that has made us one of the world’s top five arbitration centres.

Our multiple advantages are not going to vanish any time soon, even though the media hype might have you believing that Hong Kong’s business professionals are racing for the exits. In fact, I am hearing quite the opposite. Friends and colleagues in the banking and the financial industries say business is coming back strongly after the Covid-19 global shutdown.

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Beijing passes national security law for Hong Kong

And they do not feel in the least threatened by the national security law – in fact they are enthusiastic about it. Security and stability are always good for business, and these will be bolstered by the national security law.