National security law brings stability, boosts investor confidence in Hong Kong: investment chief

The national security law in Hong Kong has fostered stability since its implementation on June 30, 2020, restoring investor confidence and enhancing the city's long-term appeal as a global business hub, according to a senior investment official.

Marking the fifth anniversary of the legislation and the 28th anniversary of Hong Kong’s return to the motherland, Alpha Lau, director-general of Investment Promotion at Invest Hong Kong, highlighted in an interview how the National Security Law has resolved uncertainties that previously concerened international investors.

"I think after the 2019 unrest, we did have a shift in the sentiment from foreign investors, not counting Hong Kong and Chinese (mainland) ones. At that time, it was mostly inquiries or the concern that the unrest might cost the business. The actual figures did not really slow down a lot per se. We need certainty, we need stability to do business, that's what they all say. And there's enough instability in the financial world already without these added insecurities. Whilst the sentiment was indeed quite skeptical at that time, the introduction of the National Security Law actually brought stability to the region, for sure. For Hong Kong and for a lot of companies, that actually gave them the stability they needed to then further expand or to confirm their investments," said Lau.

She added that recent survey results point to renewed confidence among foreign firms operating in the HKSAR.

"Earlier this year, for example, the American Chamber of Commerce did a survey in Hong Kong and over 70 percent of the American companies surveyed said that the National Security Law did not really affect them negatively. If anything, it brought stability to their investment decisions, which are frequently longer-term. And over 60 percent of them said they would actually increase their investments in the region, in Hong Kong, and into Greater China. So, I actually feel that the National Security Law has brought stability, in fact, to Hong Kong, and made the environment far more investable for a lot of companies," said Lau.

The law, which came into effect in June 2020, aims to safeguard national security while maintaining Hong Kong's long-term prosperity and social order.

National security law brings stability, boosts investor confidence in Hong Kong: investment chief

China, as Cambodia's most reliable strategic anchor, will continue to firmly support Cambodia in pursuing a development path suited to its national conditions, Chinese Foreign Minister Wang Yi said on Wednesday.

Wang, also a member of the Political Bureau of the Communist Party of China (CPC) Central Committee, made the remarks when meeting with Cambodian Deputy Prime Minister and Foreign Minister Prak Sokhonn, who is in China for the 11th Lancang-Mekong Cooperation (LMC) Foreign Ministers' Meeting.

China stands ready to strengthen strategic communication with Cambodia, jointly meet external challenges and better promote each other's modernization drive, Wang said.

Wang called on both sides to make solid preparations for high-level exchanges in the next stage and safeguard the shared strategic interests of both countries, promote the development of the Industrial Development Corridor and the Fish and Rice Corridor and deepen pragmatic cooperation in infrastructure, agriculture and other fields.

Both sides should sustain a tough crackdown on telecom and online fraud and ensure such crimes never stage a comeback, Wang stressed, calling on both sides to step up coordination on multilateral platforms.

Prak Sokhonn said he appreciates China's invitation for the Cambodian and Thai foreign ministers to hold an informal tea talk, which embodies China's constructive position of settling dispute through peace and dialogue.

Hailing China's important role in the LMC, Prak Sokhonn said China is Cambodia's most trusted partner, adding that Cambodia reaffirms its commitment to the one-China principle, supports China's great cause of peaceful national reunification, and opposes "Taiwan independence" in any form.

Cambodia is willing to work with China to deliver on the important consensus reached by the leaders of the two countries, strengthen alignment of development strategies between the two sides, keep up the crackdown on online gambling and telecom fraud crimes, and continuously elevate bilateral law enforcement and security cooperation, Prak Sokhonn said.

China backs Cambodia on development path suited to its national conditions: top diplomat

China backs Cambodia on development path suited to its national conditions: top diplomat