CE Blasts 'lying' Foreign Critics Of Upcoming Law
"); jQuery("#212 h3").html("

"); });
2020-05-26 HKT 10:24
Chief Executive Carrie Lam on Tuesday strongly condemned foreign politicians who have raised concerns about the national security legislation Beijing is drawing up for the SAR, saying the positive response to the move from the Hong Kong public "flies in the face" of the untrue and groundless statements made by overseas critics.
Before heading into this week's Executive Council meeting, Lam conceded that various sectors of society have expressed worries about the national security legislation planned, but said many people in Hong Kong support and agree with the move.
The CE said that national security is a matter for the central authorities in every country and critics who say Beijing's plan for Hong Kong undermines the SAR government and the Legislative Council have no regard to the constitutional relationship between the territory and the central government.
Lam dismissed a claim made by the Hong Kong Bar Association and others that the National People's Congress Standing Committee has no power to impose the legislation, saying promulgating the law will not run contrary to the Basic Law and will be strictly in accordance with the Chinese Constitution.
"No country would allow an important matter like national security to be flawed in any way. Hong Kong has not been able to legislate locally in 23 years and, as I have mentioned before, in the foreseeable future it would be difficult for us to go for local legislation. That is why the NPC is taking responsible action [to legislate]," Lam said.
She added that such an arrangement is the general practice overseas and other countries have no right to interfere in China's plans.
Lam said another "totally groundless" claim is that the national security legislation will undermine Hong Kong's position as an international financial centre.
Noting that the stock market has been bouncing back since a plunge on Friday, she said other countries haven't lost their status as leading financial centres just because they have national security laws, so why should Hong Kong, being as it is an inalienable part of China.
She added that business leaders have told her they want a stable environment where it is safe to bring their families and the new law will actually reinforce Hong Kong's status as a global financial hub.
HKMA Warns Of Fake Stablecoins As Licensed Issuers Have Yet To Launch Tokens
The Hong Kong Monetary Authority (HKMA) has warned the public about fake stablecoins in Hong Kong, specifically flaggin... Read more
Tazapay Secures Money Service Operator License In Hong Kong
Singapore-based cross-border payments company Tazapay has secured a Money Service Operator (MSO) license in Hong Kong. ... Read more
Livi Bank Posts First Full-Year Profit In 2025 As Loans Rise 49%
Hong Kong digital bank livi bank reported a full-year profit of HK$21 million for 2025. For the year, total operating i... Read more
FWD Group Reports US$720M In New Business Sales As Expansion Continues
FWD Group reported a 4% year-on-year increase in new business sales to US$720 million for the first quarter of 2026, dr... Read more
WeLab Bank 2025 Revenue Hits HK$942M After Securing First-Half Profitability
WeLab Bank achieved profitability in the first half of 2025 and reported a 35% year-on-year revenue increase to HK$942 ... Read more
Ripple And Kbank Roll Out Institutional Digital Asset Wallet In South Korea
Ripple has partnered with Kbank to deploy an institutional digital asset wallet in Korea, equipping the internet bank w... Read more