Fear Growing Among Firms, Foreigners, In HK: AmCham

The American Chamber of Commerce in Hong Kong (AmCham) has called for urgent clarification of what Beijing is planning for the city with its national security law, warning that the move could jeopardise business prospects, and strike fear in foreign residents of the SAR.

In a statement issued on Friday, AmCham said American businesses in Hong Kong are also alarmed by the possibility that the national security legislation could lead to a tit-for-tat between the US and China that eventually brings the end of Washington's special treatment of the SAR.

The statement said the freedoms that distinguish Hong Kong from the mainland, such as an independent judiciary and freedom of assembly, "have long helped the city prosper as one of the world’s top international business centres".

It added that the NPC's announcement that it will bypass Legco to enact a Hong Kong security law means there is now a need to alleviate a "fear factor" developing in the business community.

"Hong Kong today stands as a model of free trade, strong governance,

free flow of information and efficiency. No one wins if the foundation for Hong Kong’s role as a prime international business and financial centre is eroded," said AmCham chairman Robert Grieves.

Meanwhile the chamber's president, Tara Joseph, said businesses really need to know more details about what Beijing's move will mean for the SAR.

"A Beijing inspired national security law leaves open an interpretation of how such an act will be enforced. How will it affect the rule of law? Will it mean limiting online, press and personal freedoms?," she asked.

"People may also ask whether Beijing’s concern over foreign interference adds an element of risk to foreigners living here."

The statement said the enactment of a "vaguely defined national security law" will

make it harder for companies in Hong Kong to recruit and retain top tier talent, and the SAR government should help by ensuring the safety of overseas executives.