SOURCE / ECONOMY
HK business environment recovers after national security law: govt report
Published: Sep 27, 2021 08:23 PM
A woman takes photos of the China's national flags and the flags of the Hong Kong Special Administrative Region in Tsim Sha Tsui, Hong Kong, on June 29. Photo: Pengpai

A woman takes photos of the China's national flags and the flags of the Hong Kong Special Administrative Region in Tsim Sha Tsui, Hong Kong, on June 29. Photo: Pengpai



The Hong Kong Special Administrative Region (HKSAR) government on Monday issued its first business environment report since the city's return to the motherland, saying that the implementation of the national security law has helped improve business environment in the city after damages caused by the riots in 2019 and the US' unreasonable sanctions.  

Under the "one country, two systems" principle, the HKSAR has always maintained its institutional strengths, which are favorable for doing business. These strengths, coupled with other advantages as well as its positioning as a city which enjoys strong support from the motherland and the central government while engaging with the world, have made Hong Kong an international hub for finance, commerce and trade, a home for corporate headquarters, as well as a major hub of investment, transportation and logistics, according to the report.

The report added that Hong Kong's economy and business environment had been seriously affected by riots in the previous years and the US government's unreasonable economic suppression.

The report, based on solid evidence and statistics, proves that the implementation of the National Security Law for Hong Kong has enabled the city to achieve a healthier and more stable business environment, and investors from all over the world have more confidence in Hong Kong's future, a spokesperson for the Liaison Office of the Central People's Government in Hong Kong said in a statement on Monday.

The report also showed that the HKSAR economy has remained solid even after the US revoked its special status in June in 2020, Liang Haiming, dean of the Belt and Road Institute at Hainan University, told the Global Times on Monday.

Liang noted that the Chinese mainland has been the HKSAR's strongest back, helping Hong Kong's economy and society restore stability.  

Hong Kong returned to the top three cities behind New York and London on the latest Global Financial Centres Index, which was released on Friday.

Hong Kong enjoys a sound business environment and a bright future with a vibrant growth impetus and abundant opportunities, said Paul Chan, HKSAR Financial Secretary.

Hong Kong's economy has performed robustly this year, as GDP rebounded 7.8 percent in the first half of 2021. Private consumption expenditures resumed year-on-year growth. Labor market conditions improved notably, with the unemployment rate falling rapidly from a 17-year high at the start of the year.

On Monday, the China Banking and Insurance Regulatory Commission (CBIRC) issued a notice in which it made provisions to support insurance companies from the Chinese mainland to issue yuan-denominated bonds in Hong Kong, according to the CBIRC's official website. 


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