Businesses operating in Hong Kong are keeping a close eye on the new security law, Article 23, as its vague wording has raised concerns for foreign companies. The US has expressed alarm over the law, which could potentially lead to charges of espionage for executives and finance professionals involved in everyday business activities.
Despite the fears raised by the law’s broad definition of state secrets, city officials maintain that it aligns with international norms and should not impact media outlets, the financial sector, or non-government organizations as long as they are carrying out normal activities. Chief Executive John Lee has praised the law as a demonstration of patriotism.
Overall, the implications of Article 23 on foreign businesses in Hong Kong remain uncertain. It is essential for companies operating in the region to closely monitor developments related to the law and ensure compliance with any new regulations that may arise. The importance of staying informed and taking necessary precautions cannot be overstated in these uncertain times.