'Anti-sanctions Law May Be Used To Weaken Market'

Financial Secretary Paul Chan said on Sunday that he expects some people to use the introduction of the anti-sanctions law to weaken Hong Kong’s status as an international financial hub and destablise the market.

Writing in his blog, Chan said people must brace themselves for the risks.

The National People’s Congress Standing Committee is reportedly going to discuss introducing the mainland law to the SAR but it’s unclear how it will be done.

“When we implement [the law], we will thoroughly consider Hong Kong’s actual situation, and its status as an international financial, trade and shipping hub,” he said.

“But what can be expected, is that some people may speculate on this, to try and weaken Hong Kong’s status as an international financial hub, undermine Hong Kong’s business environment, or even destablise the market and take advantage of it to benefit themselves,” said Chan.

“We must be more vigilant, be prepared, and pay more attention to risk management,” he said.

Chan said the United States had repeatedly tried to undermine China’s rapid development, and had used Hong Kong to “interfere with” and “bully” China, but added the anti-sanctions law will provide more options for authorities to react.

Meanwhile, the financial chief said the government expects unemployment rate to drop further as domestic consumption grows.

He also said the government is adjusting its growth forecast for this year from 3.5-5.5 percent, to 5.5-6.5 percent, but added that much will hinge on the pandemic situation in Hong Kong and the rest of the world.