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Hong Kong's pro-Beijing politicians say security law is good for business

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Leader Carrie Lam says stock market is, in fact, affected by pro-democracy protests in 2019. FMTNews

May 23, 2020 1:54 PM

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. Bankers and headhunters said it could lead to money and talent leaving the city. Hong Kong stocks slumped 5.6% on Friday.

Henry Tang, a member of the Standing Committee of the Chinese People’s Political Consultative Conference, said the legislation was “beneficial” for the business environment as it brings stability and strengthens the rule of law.

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Hong Kong stocks battered on forgettable FridayHONG KONG: Real estate companies and financials were among the biggest victims in a stock market sell-off in Hong Kong on Friday after it was reported that a new security law proposal has been submitted for the city and that has fanned fears of fresh protests.
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