Hong Kong's pro-Beijing politicians sought to allay worries about the impact of China's proposed national security legislation on the Asian financial hub's business environment, saying it would boost investor sentiment.[HONG KONG] Hong Kong's pro-Beijing politicians sought to allay worries about the impact of China's proposed national security legislation on the Asian financial hub's business environment, saying it would boost investor sentiment.
The legislation aims to tackle secession, subversion, terrorism, and foreign interference and could see mainland intelligence agencies set up bases in Hong Kong, raising fears of direct law enforcement. US government officials have said the legislation would end the Chinese-ruled city's autonomy and would be bad for both its and China's economies. They said it could jeopardise the territory's special status in US law, which has helped it maintain its position as a global financial centre.
Bankers and headhunters said it could lead to money and talent leaving the city. Hong Kong stocks slumped 5.6 per cent on Friday Upon her return from Beijing late on Friday, Hong Kong leader Carrie Lam said the stock market"goes up and comes down" and it was in fact the large scale pro-democracy protests in 2019 which destabilised the business environment.