Exclusive | Beijing’s proposed security law received mostly positive response from clients of Hong Kong’s banking and wealth sectors, finance chief says

Paul Chan says following meetings with Hong Kong Association of Banks and Private Wealth Management Association that their clients support the law

He allays fears of political interference in city’s business sector and says the proposed legislation will put Hong Kong on par with London and New York

Reading Time:3 minutes

Finance chief Paul Chan says the proposed national security law will put Hong Kong on par with major financial markets of London and New York. Photo: Sam Tsang

Published: 7:00am, 12 Jun 2020Updated: 7:24am, 12 Jun 2020

Hong Kong’s finance chief got mostly positive response from representatives of the banking and private wealth management sectors when he contacted them to gauge concern over the city’s status as a global financial hub a week after Beijing revealed its proposed national security law.

In a wide-ranging interview, Financial Secretary Paul Chan Mo-po told the Post that he found from his meetings with the Hong Kong Association of Banks and the Private Wealth Management Association that their clients tended to support the new law, subject to details of the legislation.

He said the views from industry clients on the matter had not changed even two weeks after China’s legislature, the National People’s Congress, approved the resolution on May 28 to draft the law.

“I checked again with them last night, and their clients are positive about it,” Chan said on Thursday. “Public law and order, as well as stability are important to them, especially after the social unrest took a more violent turn in the fourth quarter of last year.”

He added that he would wait until August for a review of Hong Kong’s economic forecast as the coronavirus pandemic had worsened the recession. In April, he downgraded the government’s estimated gross domestic product to a contraction of anywhere between 4 and 7 per cent this year from last year.

Confidence in the city’s reputation as an international financial hub has taken a hit since news of the new law – which aims to ban activities related to secession, subversion, terrorism and foreign interference in local affairs – came to light. Critics said the law would undermine Hong Kong’s autonomy promised under the “one country, two systems” principle.

Select Voice

Choose your listening speed

Get through articles 2x faster

1.25x

250 WPM

Slow

Average

Fast

00:0000:00

1.25x

.css-sioo19{color:#c79a00;}Exclusive | Beijing’s proposed security law received mostly positive response from clients of Hong Kong’s banking and wealth sectors, finance chief says

Exclusive | Beijing’s proposed security law received mostly positive response from clients of Hong Kong’s banking and wealth sectors, finance chief says