LegCo President Andrew Leung Kwan-yuen (center) speaks to the media after the third reading of the proposed Safeguarding National Security Ordinance at the Legislative Council in Hong Kong on Mar 19, 2024. (EDMOND TANG / CHINA DAILY)

The passage of the safeguarding national security bill by Hong Kong’s legislature on Tuesday has been met with praise from both local and international business communities, which say the move is a significant step toward safeguarding the city’s prosperity, and fostering a stable and favorable business environment.

“National security is a basic right of any sovereign country, which in turn brings stability and predictability to local businesses and foreign investors,” Bernardo Mendia, president of the Portugal-Hong Kong Chamber Of Commerce and Industry, said in a written reply to China Daily.

To clarify the legislation and address queries from various stakeholders, the SAR government has proactively engaged with the banking community throughout the public consultation process

“We congratulate and support all Hong Kong people for this achievement, and we’re enthusiastically confident in the special administrative region’s economic and social development going forward,” Mendia added.

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Noting that “political unrest in any country hinders financial activities”, Danny Bardan Gurung, secretary of Nepal Chamber of Commerce Hong Kong, said the bill will protect Hong Kong, an international financial hub and powerhouse in Asia, from further disturbances.

Abedin Rashidul, general secretary of the Bangladesh Metropolitan Chamber of Commerce Hong Kong, also expressed his appreciation for the approval of the bill, saying it will help “ensure the security of Hong Kong and create a stable business environment”.

“We’re optimistic that this measure will promote long-term economic growth (in Hong Kong) and enhance the well-being of the community,” he said.

Praising the achievements that Hong Kong has made, Johannes Hack, president of the German Chamber of Commerce in Hong Kong, said, “With the bill in place, we hope that Hong Kong can now focus on those qualities that have traditionally contributed to its success — its openness, straightforward legal regime and ease of doing business, and its connector function between East and West.”

The bill addresses the Hong Kong SAR’s constitutional responsibility outlined in Article 23 of the Basic Law. It targets five acts that threaten national security — treason; insurrection; theft of State secrets and espionage; sabotage; and external interference.

“This is a historic moment that Hong Kong has waited for for 26 years, eight months and 19 days,” since its return to the motherland in 1997, Chief Executive John Lee Ka-chiu said after the bill’s passage on Tuesday.

Choi Koon-shum, chairman of the Hong Kong-Vietnam Chamber of Commerce, said he believes that the National Security Law for Hong Kong and the safeguarding national security bill are coordinated, interconnected, compatible, and complementary, and will help Hong Kong maintain its position as the top choice for global investors seeking to explore opportunities on the Chinese mainland and other Asia-Pacific markets.

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The Hong Kong General Chamber of Commerce said, “The legislation will make Hong Kong a safer destination for local and foreign businesses and professionals operating here.”

The chamber also suggested the SAR government continue to clarify any misinterpretation or misconceptions about it.

To clarify the legislation and address queries from various stakeholders, the SAR government has proactively engaged with the banking community throughout the public consultation process, the Hong Kong Association of Banks said, adding that “the enactment of the law allows Hong Kong to focus on economic and developmental priorities, paving the way for sustained stability and prosperity”.

Contact the writer at irisli@chinadailyhk.com