Hong Kong Business Chamber Backs Article 23 Legislation for National Security

The Chamber of Hong Kong Listed Companies has officially backed the Hong Kong Special Administrative Region (HKSAR) Government's public consultation on the local execution of Article 23 of the Basic Law. This legislation aims to safeguard national security and foster social stability. The Chamber asserts that a stable societal environment is not only beneficial for business operations but also acts as a magnet, attracting enterprises from various regions to capitalize on Hong Kong's robust capital markets for fundraising and investment purposes.

Article 23: Ensuring National Security

The said legislation is a response to the growing need to address national security threats, particularly in the context of emerging technologies. The digital realm, encompassing cybersecurity, artificial intelligence, and big data, is increasingly becoming a hotspot for potential security risks. Strengthening national security safeguards is thus deemed crucial to secure the city's burgeoning digital economy.

Support from the Business Community

As a representative of the business community, the Chamber of Hong Kong Listed Companies has shown unequivocal support for the legislation. The Chamber believes that the successful implementation of Article 23 will ensure a stable environment, conducive to business and economic growth. It will also encourage enterprises from different regions to leverage the advantages of Hong Kong’s capital markets for fundraising and attracting investment capital.

Implications for Hong Kong's Economy

The Chamber underscores that stability is key to maintaining Hong Kong's status as an international financial market and a global fundraising hub. This stability is not merely important in the short term, but also vital for the long-term stability and prosperity of Hong Kong’s economy. Furthermore, the Hong Kong Productivity Council (HKPC) is actively supporting enterprises to enhance their capabilities against security risks, thus fortifying the city's economic resilience.

Reflecting on the above, it is clear that the business community of Hong Kong perceives the implementation of Article 23 as a pivotal step towards securing the city's national security, promoting social stability, and subsequently fostering economic prosperity.