Businesses in Hong Kong generally believe that establishing and improving the legal system and enforcement mechanisms for the Hong Kong Special Administrative Region (HKSAR) to safeguard national security at the state level is a move in the right direction and is expected to bring Hong Kong lasting prosperity and stability, Chairman of the Hong Kong General Chamber of Commerce (HKGCC) Peter Wong said.
Wong, also deputy chairman and chief executive of the Hongkong and Shanghai Banking Corporation Limited, said in an interview with Xinhua on Tuesday that the business community agrees on the utmost importance of stability to Hong Kong as an international metropolis.
Stability is the foundation and prerequisite for development, and businesses in Hong Kong believe the national security legislation will bring stability for Hong Kong in the long run, he said.
In a recent survey by the HKGCC on 418 businesses in Hong Kong, 61 percent of the respondents believe the legislation will have a positive impact or no impact at all on their businesses over the long term, and 75 percent expect positive or no impact on their day-to-day operations.
Most members of the HKGCC also agreed that the national security legislation will help Hong Kong maintain its status as a global financial hub, Wong added.
Wong said that the business community opposes any sanctions imposed by foreign countries against Hong Kong, as such actions would unnecessarily increase the difficulties for local and foreign companies to operate here.
The sanctions will not only undermine investment and business confidence in Hong Kong, but also hurt the United States itself and even the whole Asia-Pacific region, considering the large number of U.S. firms and their capital here as well as Hong Kong's status as a financial hub in the region, Wong pointed out.
"As the COVID-19 pandemic is hitting the world economy, we should work together to boost the economy, instead of hurting each other."
The strength of Hong Kong economy to fend off risks comes from the mainland, especially the increasingly integrated Guangdong-Hong Kong-Macao Greater Bay Area, Wong said.
With a stable social environment brought by the national security legislation and the support of the rapidly developing mainland market, Hong Kong's economy will surely get out of the current gloom and return to the track of growth, he said.
"I have full confidence in the future development of Hong Kong," Wong said.