Hong Kong's star factor fades with new security law

Hong Kong was ranked sixth for competitiveness in an index that rates 108 financial centres.ST PHOTO: LIM YAOHUI

HONG KONG - The sweeping new national security law imposed on Hong Kong by Beijing would accelerate the city's descent in importance as a global financial hub, observers said, adding that its fortunes would shift in the longer term as it is plugged deeper into the mainland.

Law faculty principal lecturer at the University of Hong Kong Eric Cheung told The Straits Times that the new security legislation that kicked in on Tuesday night (June 30) was drafted with a mainland approach, unlike the common law system practised in Hong Kong.

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