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

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.

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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'. Print Edition | Subscribe