THIS WEEK’S TOPIC: How do you see the impact of Hong Kong’s new security law on the city’s status as a financial and business hub?
The big drop in the Hong Kong stock market following the announcement of the national security bill shows that the business and financial community was not taking it positively. The biggest reason for the show of discomfort among the business and financial community is that of political control.
Under the Basic Law, Hong Kong is responsible for its own internal affairs and security. However, it has yet to pass its own national security law. China on the other hand, controls Hong Kong’s defence and foreign affairs and must also approve the chief executive appointment. While China controls Hong Kong to a certain degree, the fear is that the new security law will tighten China’s control over Hong Kong even more. The very notion that China can introduce this new security law by decree and bypass Hong Kong’s legislative parliament, is testament to this.
There will certainly be impact on Hong Kong’s status as a business and financial hub, as the wider international community and western nations – particularly the US – have raised concerns.
To view my thoughts on Business Times, visit this link: https://www.linkedin.com/pulse/tensions-mouth-dragon-mario-singh/?published=t
