Fears grow for Hong Kong's finance hub status under proposed security law

As Hong Kong fast-tracks a new national security law, the legislation and questions about its implementation have raised fears among the business community.

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The draft Bill, introduced at the city's legislature on March 8, includes major offences such as treason and insurrection, which could be punished with life imprisonment.

The government has said it intends to pass the Bill as soon as possible to plug legislative gaps left by an existing national security law imposed on Hong Kong by Beijing in 2020 after the finance hub saw massive pro-democracy protests.

The authorities say it is their constitutional responsibility to enact home-grown national security legislation according to Hong Kong's Basic Law - a mini-Constitution governing the city since it was handed back to China from Britain in 1997.

But the city is entering "untested, uncharted waters" with the proposed law, said Mr Kristian Odebjer, chairman of the Swedish Chamber of Commerce in Hong Kong.

Its offences include treason, insurrection, espionage and theft of state secrets, sabotaging national security, and external interference.

But their definitions are "vague", said Mr Odebjer, particularly for

the theft of state secrets that, according to the draft Bill, includes defence intelligence but also encompasses information about the city's economic, social and technological developments.

"This could have a negative impact on... activities that some of our members engage in, like research and due diligence activities," he said.