Carrie Lam Plays Down Security Law Concerns

The Chief Executive, Carrie Lam, has played down concerns about Hong Kong's role as an international financial centre following Beijing's proposal to introduce national security laws into the SAR, through the National People's Congress in Beijing.

Lam made the comments after local stocks took a battering on Friday and the American Chamber of Commerce warned that the introduction of national security laws could jeopardise business prospects.

Flanked by her administration and standing in front of a banner that read "Full Support for establishing and improving the legal system and enforcement mechanisms for the HKSAR to safeguard national security", Lam said there was business support for the stability that the legislation would bring.

"You have quoted the public response by one of the chambers," Lam said. "But I have also read press statements issued by some of the Hong Kong local chambers... anything safeguarding national security, that will help stabilise the environment, is also very good for local investment sentiment."

The local stock market suffered its largest single-day percentage-drop since 2015 on Friday, after Beijing's announcement, with the Hang Seng Index falling by 5.5 percent. The market appears to have been concerned about the prospect of more protests, tensions with Washington, and capital leaving Hong Kong.

Lam also said people here would still be able to protest and free speech would be respected.

"Hong Kong is a free society. Hong Kong will remain to be a very free society, where freedom of expression, freedom of protest, freedom of journalism will stay because these are the core values of Hong Kong and are very much protected by the Basic Law," she said.