Businessman Gary Leung won't be going to the movies with his family on July 1, a holiday meant to celebrate Hong Kong's return to Chinese rule six years ago.
Instead he will be marching with his wife, two daughters and tens of thousands of strangers who are expected to denounce the controversial anti-subversion law which the city's Beijing-backed government wants enacted in July.
PHOTO: AFP
"The government keeps saying they won't use it, but it's something that can be abused," Leung told reporters.
"If Hong Kong becomes like that, the system here will be the same as in China. So why should you open an office in Hong Kong, why not put your office in Shanghai or Beijing?" he said.
The national security law, which can put people behind bars for life for acts of subversion, sedition, treason or secession from China, has not only sent chills through rights groups, journalists and dissidents in Hong Kong.
Many in the financial community, the cornerstone of this Asian financial center, are worried too, fearing it will curtail the free flow of information that is vital to business.
Hong Kong has hordes of economists, analysts and researchers churning out reports about China that are crucial for local and foreign firms making investment decisions. Many rely on well-connected Chinese sources for information, which is slow in coming through official channels if it is openly released at all.
Critics say many parts of the law are vague, which could allow authorities to designate just about anything as a "state secret". Similarly, critical remarks about China risks, even if mild by most standards, may get analysts into trouble.
"My colleagues who speculate about things like China's monetary policy will be in danger when the law is enacted. Now, they talk as if they have insiders' information. In future, they will have to shut up," said an economist at a foreign bank.
"The government will be bound to ask where we got such a figure or some such information. It will be very troublesome. Frankly, I will be a lot more careful about my choice of words in analytical reports in the future," the economist said.
Like most others interviewed about the subversion law, the economist spoke only on condition of anonymity.
The law will also allow closed door trials and give police widespread search powers without court warrants.
The government argues it will be among the most liberal national security laws in the world and has repeatedly said that the free flow on information will not be impaired.
It says the law has strong support in the city of nearly seven million people, but a University of Hong Kong study last week found nearly two-thirds of those surveyed opposed it.
Researchers covering industry sectors which are doing badly or are highly sensitive could be most vulnerable, an analyst at one of Hong Kong's biggest banks said.
"If there are going to be analysts who would be in trouble, it should be those in the telecom sector because many of them are bearish about China, so they run the risk of really upsetting the Chinese," he said. "Also, those researching the banking sector where you have more scandals. These are very sensitive sectors."
Several business groups have highlighted parts of the law which they believe to be particularly dangerous and have urged the government to hold another round of public consultation.
"This bill imposes serious restrictions on freedom of inform-ation... unnecessarily restricting information passage can only damage one of Hong Kong's important ingredients of success," the International Chamber of Commerce said.
But the government has refused to budge, and would not even show the full draft of the law for initial public consultation, saying ordinary people would not be able to understand it.
The bill will enter the last stage of legislative discussion on July 9 before it will be put to a vote. It is certain to pass without any major amendments because the chamber is dominated by pro-government and pro-Beijing lawmakers.
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