NSL Strengthened HK's Role As A Financial Hub: FS

Financial Secretary Paul Chan on Sunday hailed Hong Kong’s national security law, saying it has consolidated the city’s role as an international financial centre.

Writing on his weekly blog, Chan said the law has restored stability and safety to the city after the 2019 social unrest, adding that people’s rights and freedoms are now better protected.

“The figures say it all. Initial public offerings funds raised in Hong Kong exceeded HK$650 billion since the implementation of the law [on 30 June 2020], accounting for an increase of over 30 percent from the same period before the enactment of the law”, he wrote.

He pointed out that the average daily turnover in the local stock market also jumped almost 60 percent, compared with the 12-month period before the law came into effect.

“The total deposits in Hong Kong's banking system are approximately HK$15,000 billion – almost ten percent higher than previously,” the finance chief added.

Chan also said as an international financial hub, Hong Kong will plan ahead and adopt a number of risk-management measures in view of the mounting geopolitical tensions.

“The recent clashes between Russia and Ukraine have made people realise how the US would weaponise its own currency and certain international financial systems to twist and interfere with the operation of the international financial market,” he said.

The minister said authorities will continue to simplify rules on secondary listing, and do more to strengthen Hong Kong's role as a bridge between the mainland and the rest of the world.