China Shows Heavy Support for Hong Kong Economy After Pressuring the Country to Enact New Security Law

By Thea Felicity

Apr 19, 2024 10:39 AM EDT

This picture taken on Janaury 6, 2018 shows a Hong Kong flag (L) and a Chinese national flag fluttering in the wind atop the Hong Kong Court of Final Appeal building in Hong Kong. - Heavyweights from Hong Kong's legal community are going into battle with the city's government as fears grow that rule of law is under threat from Beijing. (Photo by Vivek PRAKASH / AFP) / TO GO WITH HongKong-China-politics-law, FOCUS by Elaine YU.
(Photo : VIVEK PRAKASH/AFP via Getty Images))

China has pledged increased support for Hong Kong's economy following the enactment of a new security law, signaling confidence in the city's future despite concerns about its financial status, according to BNN Bloomberg.

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The New Security Law

The new security law is known as Article 23. It was fast-tracked by Hong Kong authorities in March and introduced crimes such as treason. Unfortunately, it also strengthened the powers of the city's top executive and the police. 

This law was enacted amid pressure from Chinese leaders. It's part of efforts to maintain stability and security in Hong Kong, particularly in the face of anti-government movements and protests against China's growing influence.

However,  Human Rights Watch has condemned the law's passage as a major attack on basic human rights. The law imposes heavy prison sentences for peaceful speech and civil society activism, expands police powers, and weakens due process rights. 

It applies not only within Hong Kong but also globally, raising concerns about its potential to silence dissent both locally and internationally.

Xia Baolong, the head of Beijing's Hong Kong and Macau affairs office, assured that more policies favoring Hong Kong's prosperity are on the horizon, emphasizing its resilience as a lucrative business destination. 

His remarks come amidst discussions at the city's second annual conference on national security, where officials are addressing the implications of Article 23, a contentious measure introduced to bolster security measures. 

Despite apprehensions, Chinese officials remain optimistic about Hong Kong's economic growth, highlighting its unique attributes and potential for development.

READ MORE: Hong Kong to Host CoinDesk Consensus as It Bids to Become a Crypto Hub

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