“Hong Kong businesses see positive impact of national security law, worry most about foreign sanctions, chamber survey shows”,  1 June 2020

Hong Kong’s business community, backed by some of its famous billionaires is upbeat on the benefits of a national security law for the city, according to an industry survey, while expressing concerns about foreign sanctions on their operations.

About 61 per cent of the respondents said the law will either have a positive or no impact at all on their businesses over the long term, according to the Hong Kong General Chamber of Commerce. Some 54 per cent of them viewed the legislation as “controversial” and hence will have a negative impact on their businesses in the short term, citing foreign sanctions as their biggest concern.

The chamber surveyed its 4,000-odd members… as Beijing endorsed the legislation tailor-made for the city, of which 418 responded with answers…

“The chamber calls for detailed provisions of the law and specific implementation measures to be announced as soon as possible to address the concerns stemming from the uncertainties,” said George Leung Siu-kay, chief executive of the chamber…

“We oppose any sanctions on Hong Kong as they will not only hurt local companies but also all international companies operating in the city,” he said in a phone interview. Leung, who took up the role on May 1 after leaving HSBC, also warned that trade sanctions on Hong Kong may spread the pain overseas…