Yau to investors: there's nothing to worry about

Secretary for Commerce and Economic Development Edward Yau Tang-wah has reassured investors that the national security law will not affect them as a wide cross-section of the community vows to support it.

Yau said that "clear legislation, penalties and deterrent effect" can help raise investor's confidence.

"All investors, including local and overseas, do not have to worry unless they commit serious crimes including secession, subversion, terrorist activities," he said after attending yesterday's cocktail reception to mark the handover anniversary.

In response to the United States ending exports of controlled defense equipment and technologies to Hong Kong, Yau said America's "one-sided" cancellation of export might cause a slight inconvenience but will not significantly affect Hong Kong's trade.

"The US export control will not affect local intermediate trade, the process in trading might be more complicated, but it depends on the type of the exported items," Yau said.

"The trade volume of the concerning imported materials is about US$400 million (HK$3.12 billion) to US$500 million per year, which is not an important share of the overall Hong Kong-US trade," he added.

If the central government responds to "unreasonable" trade policies implemented by the US, the Hong Kong government will follow China's approach.

Meanwhile, eight chairmen of councils of universities funded by the University Grants Committee issued a statement backing the law.

"The new law will help safeguard Hong Kong's prosperity and stability as well as our one country, two systems with a view to putting an end to the year-long social instability which the city has suffered," the chairmen said.

The eight university council chairmen include Lester Garson Huang of City University, Clement Chen Cheng-jen of Baptist University, Andrew Yao Cho-fai of Lingnan University and Norman Leung Nai-pang of Chinese University.

Also pledging support were Frederick Ma Si-hang of Education University, Lam Tai-fai of Polytechnic University, Andrew Liao Cheung-sing of University of Science and Technology and Arthur Li Kwok-cheung of the University of Hong Kong.

Stephen Chow Chun-kay, president of the board of directors of the Hong Kong Academy for Performing Arts, made a separate statement to support the new law.

Chow said it could "maintain the long-term prosperity and stability" which is vital to the future of the younger generation.

Also, the Hong Kong Federation of Fujian Associations held a celebration event to show their support for the new law and celebrate the 23rd anniversary of the establishment of HKSAR.

In the event, they screened the 1999 Chinese movie National Anthem and played Chinese patriotic songs.

maisy.mok@singtaonewscorp.com