Hong Kong's pro-Beijing politicians sought to allay worries about the impact of China's proposed national security legislation on the Asian financial hub's business environment, saying it would boost investor sentiment.
The legislation aims to tackle secession, subversion, terrorism, and foreign interference and could see mainland intelligence agencies set up bases in Hong Kong, raising fears of direct law enforcement.
US government officials have said the legislation would end the Chinese-ruled city's autonomy and would be bad for both its and China's economies. They said it could jeopardise the territory's special status in US law, which has helped it maintain its position as a global financial centre.
Bankers and headhunters said it could lead to money and talent leaving the city. Hong Kong stocks slumped 5.6 per cent on Friday
Upon her return from Beijing late on Friday, Hong Kong leader Carrie Lam said the stock market "goes up and comes down" and it was in fact the large scale pro-democracy protests in 2019 which destabilised the business environment.
"Especially having gone through almost one year of disruptions, violence and uncertainties, anything particularly in safeguarding national security that will help stabilise the environment is indeed very good for local investment sentiment," she said.
Henry Tang, a member of the Standing Committee of the Chinese Peoples Political Consultative Conference, said the legislation was "beneficial" for the business environment as it brings stability and strengthens the rule of law.
Local newspaper Mingpao quoted a Hong Kong General Chamber of Commerce statement saying that while more details and explanations were needed to preserve confidence, the chamber "always wanted to see social stability and peaceful business environment, and not violence".
Former Hong Kong chief executive Leung Chun-Ying pointed to large US investments in mainland China despite national security laws there.
"Can businessmen tell Hong Kong people, why are there more US companies, US businessmen and US investments in mainland China than Hong Kong?" he wrote in a Facebook post.
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
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UAE currency: the story behind the money in your pockets
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UK-EU trade at a glance
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What is the definition of an SME?
SMEs in the UAE are defined by the number of employees, annual turnover and sector. For example, a “small company” in the services industry has six to 50 employees with a turnover of more than Dh2 million up to Dh20m, while in the manufacturing industry the requirements are 10 to 100 employees with a turnover of more than Dh3m up to Dh50m, according to Dubai SME, an agency of the Department of Economic Development.
A “medium-sized company” can either have staff of 51 to 200 employees or 101 to 250 employees, and a turnover less than or equal to Dh200m or Dh250m, again depending on whether the business is in the trading, manufacturing or services sectors.
