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National security law ensures stability, prosperity in Hong Kong: experts

China

China

China

National security law ensures stability, prosperity in Hong Kong: experts

2025-06-30 17:15 Last Updated At:18:57

Implementation of the Law of the People's Republic of China on Safeguarding National Security in the Hong Kong Special Administrative Region (HKSAR), which is popularly known as the Hong Kong national security law, has ensured stability and prosperity in the region and long-term and steady implementation of the "one country, two systems" since its enactment five years ago, according to experts from the HKSAR.

The Law on Safeguarding National Security in the HKSAR was passed at the 20th session of the 13th Standing Committee of the National People's Congress (NPC) on June 30, 2020.

In an interview with China Central Television on the occasion of the fifth anniversary of the entry into force of the law, HKSAR Chief Executive John Lee said the concept of national security has been well promoted among the public in Hong Kong over the past five years.

"I've seen great progress in promoting the concept of national security. In reality, there are around 20 aspects concerning national security, including financial security and energy security. Now ordinary people in Hong Kong have gained a better understanding of the broad coverage of the concept. So, I think it has had a positive effect on all residents to safeguard national security," said Lee.

The law has also helped to put the principle of "patriots administering Hong Kong" into practice, said Gordon Lam, an NPC deputy from Hong Kong.

"We see that since the entry into effect of the Law on Safeguarding National Security in Hong Kong five years ago, the region's electoral system has been improved and the principle of 'patriots administering Hong Kong' has been practiced. Now Hong Kong has restored security and stability, and it is striving for economic development and wellbeing for the people. Hong Kong has once again ranked the third globally among international financial hubs, and its international business environment and the competitiveness of talents have also returned to within the Top 10 globally. It remains the world's freest economy. These indicate the importance of national security in safeguarding economic development," said Lam.

The law-based governance in Hong Kong under the "one country, two systems" principle has been well recognized by the Chinese central government and the international community, with the International Organization for Mediation (IOMed) headquartered in the region, said Lin Feng, dean of the School of Law at the City University of Hong Kong (CityUHK).

"Headquartering IOMed in Hong Kong shows our country's trust in the region and its hope to make it an international 'capital of mediation,'" said Lin. Now Hong Kong is integrating into the national development, playing a unique role in connecting with the rest of the world and cultivating talents, said Johnny Ho, associate vice-president (enterprise) of CityUHK.

"As Hong Kong is integrating into the national development strategy, it is playing the role of a super connector and an added value creator. Hong Kong's universities have unleashed greater potential in talent cultivation, in integration between the government, industries, universities and research institutes, in making innovation breakthroughs, as well as in transforming their talent advantages into a driving force for innovation and entrepreneurship. Joint efforts are being made to promote the development of new quality productive forces in Hong Kong and realize the vision of making Hong Kong an international innovation and technology hub," said Ho.

National security law ensures stability, prosperity in Hong Kong: experts

National security law ensures stability, prosperity in Hong Kong: experts

U.S. stocks ended sharply lower on Friday, as a stronger-than-expected May jobs report heightened bets on a potential Federal Reserve rate hike later this year.

The Dow Jones Industrial Average fell 695.15 points, or 1.35 percent, to 50,866.78. The Standard and Poor's 500 sank 200.57 points, or 2.64 percent, to 7,383.74. The Nasdaq Composite Index shed 1,121.53 points, or 4.18 percent, to 25,709.43.

Six of the 11 primary Standard and Poor's 500 sectors closed in negative territory, with technology and consumer discretionary leading the declines at 5.78 percent and 2.43 percent, respectively. Consumer staples and utilities were the top performers, rising 1.64 percent and 0.8 percent, respectively.

The U.S. Bureau of Labor Statistics reported that employers added 172,000 jobs in May, exceeding economists' expectations of around 88,000. The unemployment rate held steady at 4.3 percent.

While the strong labor market data underscored economic resilience, it also raised concerns about persistent inflation and reduced the likelihood of near-term monetary easing.

Traders now price in a Federal Reserve rate hike by the end of this year. According to the CME FedWatch Tool, the probability of interest rates rising by year-end jumped to 72.7 percent on Friday, up from 50.5 percent the previous day. This shift came even as U.S. President Donald Trump continued to press for interest rate cuts while his nominee, Kevin Warsh, assumed leadership of the Federal Reserve.

Market volatility intensified this week as investors took profits after recent rallies and adjusted expectations for Fed policy. The CBOE Volatility Index, Wall Street's fear gauge, surged over 30 percent to its highest level in two months.

In the technology sector, concerns over the artificial intelligence investment boom persisted. Broadcom continued to plummet following its disappointing earnings forecast earlier in the week, while Micron Technology, Advanced Micro Devices, and Intel also posted notable losses.

U.S. stocks tank as strong jobs report fuels rate-hike expectations

U.S. stocks tank as strong jobs report fuels rate-hike expectations

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