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

International cruise ships brought more than 8,000 tourists to Shanghai over the past weekend, underscoring the growing momentum of the city's tourism market.

Last Saturday, two cruise ships, the Spectrum of the Seas and Mein Schiff 6, arrived in Shanghai with nearly 6,000 tourists, setting a new single day record for daily inbound arrivals at the city's Wusongkou International Cruise Terminal.

Two more ships, the MSC Magnifica and Adora Magic City, arrived the next day, docking alongside Mein Schiff 6. For the first time this year, the terminal received three cruise ships docked simultaneously.

Impressed by China's customs services, tourists shared their feelings after landing.

"The service is very good, very fast. Everything is very quick," said a tourist.

"We're going to Disneyland. It's a cool trip," another tourist expressed her expectations.

During the two-day period, Shanghai port handled more than 20,000 passenger entries and exits, more than half of which were made by international travelers. Over 90 percent of them are benefiting from the visa-free policies.

"[I traveled from] Chengdu to here. I'm here to Beijing and Beijing to the UK," a tourist talked about his schedule, whose destinations in China all covered in the visa-free policies.

"Very good, excellent policy, and anything that reduces the amount of time. We had a week in ten days in China already, then we're gonna come back into the city to do some shopping," another senior visitor said.

Authorities have also introduced measures to improve the visa process.

"To ensure a smooth entry, officials will get on the ships in advance to perform inspections. So, passengers can start their trips as soon as they disembark. While at the airports, we have also provided an online submission system for arrival cards. That will also save their time," said Zhu Xiaoxiang, Deputy Director of Immigration Inspection Division under Shanghai General Station of Immigration Inspection.

So far this year, Shanghai's customs and immigration agents have processed more than ten million visitors, with 305,000 international passenger trips through cruise terminals, marking a prosperous tourism market.

Over 8,000 cruise passengers touch down in Shanghai, providing major tourism boost