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The public consultation period for the legislation of Article 23 closes on Wednesday.
The law is aimed at addressing the deficiencies or loopholes in the national security regime, after the National Security Law imposed four years ago.
It will target crimes including treason, theft of state secrets, espionage, sabotage, sedition and "external interference" including from foreign governments.
The government said the new law is necessary as "threats posed by external forces and local terrorism remain", adding that national security is the "fundamental prerequisite for the survival and development of a state".
The government said Article 23 would give "full and prudent consideration" to the United Nations' International Covenant on Civil & Political Rights (ICCPR)".
Authorities have proposed harsher penalties for "seditious intention" and "possession of seditious publication", an addition some lawyers say is concerning, as many journalists, activists and media outlets in recent years have been charged with sedition before being jailed or shut down.
The Hong Kong Journalists Association (HKJA) said in its submission that "sedition should be abolished", adding the scope and definition of what constitute "state secrets" was very broad and vague, especially in relation to newly added categories that include economic and social development.
A previous attempt to enact Article 23 in 2003 was shelved after an estimated 500,000 people protested against it.
