Security law will 'hasten descent' of HK as global financial hub

But the city should still have a future as a Chinese offshore finance centre, say analysts

Hong Kong was ranked sixth for competitiveness in an index that rates 108 financial centres. ST PHOTO: LIM YAOHUI
New: Gift this subscriber-only story to your friends and family

The sweeping national security law imposed on Hong Kong by Beijing would accelerate the city's descent 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 lecturer at the University of Hong Kong Eric Cheung told The Sunday Times the new security law was drafted with a mainland approach, unlike the common law system practised in Hong Kong.

Already a subscriber? 

Read the full story and more at $9.90/month

Get exclusive reports and insights with more than 500 subscriber-only articles every month

Unlock these benefits

  • All subscriber-only content on ST app and straitstimes.com

  • Easy access any time via ST app on 1 mobile device

  • E-paper with 2-week archive so you won't miss out on content that matters to you

Join ST's Telegram channel and get the latest breaking news delivered to you.

A version of this article appeared in the print edition of The Sunday Times on July 05, 2020, with the headline Security law will 'hasten descent' of HK as global financial hub. Subscribe