Local anti-sanctions law good for business: Yau

Commerce chief Edward Yau on Wednesday said the mainland’s anti-sanctions law, when adopted by the SAR, can help safeguard the interests of companies operating in Hong Kong.

The secretary for commerce and economic development was speaking a day after Chief Executive Carrie Lam said she had suggested to Beijing that the national law should be incorporated into Annex III of the Basic Law by way of local legislation.

The National People’s Congress Standing Committee is expected to discuss the matter later this month.

Yau called the law “a natural reaction to the blatant interference” by foreign countries such as the United States which imposed sanctions on China and the SAR.

“It is also a matter of upholding the rights of people doing business in Hong Kong to act against any such unnecessary interference,” he said.

The commerce minister dismissed concerns that the proposed legislation would hurt Hong Kong’s status as an international finance centre. He said international investors have not been deterred over the past two years despite the social unrest, pandemic and national security law.

“Foreign investment in Hong Kong and foreign firms in Hong Kong have not seen a major reduction. I think that also reflects the fundamentals that Hong Kong remains an open, competitive and attractive place for business and investment,” he said.