Last year, when 2 million people poured into the streets of Hong Kong to protest the extradition bill, many bankers, lawyers and multinational business leaders here quietly supported them.
In the Financial Times, some leaders in professional services industries in Hong Kong, such as law firms and banks, said they would accept the new law if it helps the city return to peace.
`Does anyone here like national security laws?`, a lawyer in Hong Kong said, `It’s like asking people: Do you want to take a drug with terrible side effects? Certainly a drug
Hong Kong police were mobilized to suppress protesters protesting the security law.
They changed their tune after Hong Kong’s image shifted from a safe, easy-to-do-business place to a site of frequent protests, jammed streets and filled with tear gas.
A few hours ago, the Chinese National Assembly passed a resolution establishing this law.
The American Chamber of Commerce in Hong Kong warned that this law could raise concerns about compliance with the law in Hong Kong and the city’s status.
`Hong Kong is dying,` said a banking leader.
Stuart Witchell, Asia Pacific regional leader at consulting firm Berkeley Research, said that since last year, businesses have been reconsidering their presence here in light of the protests.
Banks like HSBC and Standard Chartered – one of the two companies with the most employees in this industry here, have so far remained silent.
James Tunkey – COO of risk consulting firm I-OnAsia said that when the protests first broke out, leaders still sympathized with the participants.
Hong Kong officials said ending instability and ensuring Hong Kong’s status as a financial center is paramount.
However, US Secretary of State Mike Pompeo said yesterday that Hong Kong is no longer autonomous.
Hong Kong serves as a gateway for moving capital in and out of China.
`People here are making bombs. Our employees are under many threats. If things continue like this, who will have business here anymore?,` he said.
However, acceptance is not easy for those who just a year ago could not imagine supporting such a law.
