Do tougher laws hamper or aid financial hubs?

IN A bid to fast-track the legislation process of its new security law, Hong Kong gazetted its Safeguarding National Security Bill on Mar 9 and tabled it for vetting by its legislature on the same day.

Comprising 66 articles over six chapters that grant authorities greater power to uncover and address national security threats, the Bill plugs several legislative gaps by creating Hong Kong’s own national security legislation, rather than relying on a national security law implemented by Beijing in the aftermath of the 2019 protests.

These developments have given rise to fears within the business community that the proposed legislation will erode, and ultimately disrupt, Hong Kong’s position as an international financial centre.