Hong Kong Sing Tao Daily:

Recently, Hong Kong was once again rated as the world's freest economy among 165 economies, according to the Economic Freedom of the World 2022 Annual Report released by the Fraser Institute, a Canadian think tank. However, the report also said that after the national security law was promulgated and implemented, it had a certain impact on the degree of economic freedom. What is your response to this? Thank you.

Huang Liuquan:

I saw the report you just mentioned, and there have been other similar reports involving Hong Kong during the past period of time. Judging by these reports, Hong Kong's status as the world's freest economy and the most competitive region has been widely recognized by the international community, which shows that the international community has always commended Hong Kong's unique status and advantages and has always been confident in Hong Kong's development. 

As I said just now, the main purpose of implementing the national security law in Hong Kong is to restore the rule of law and order in Hong Kong, and bring its development back on the right track so as to maintain Hong Kong's market and investment environment, and to protect the legitimate rights and interests of investors from all over the world in Hong Kong. It is hard to imagine how it is possible to create a good business environment if rioting, smashing, looting, and burning are rampant. 

In just two years following the implementation of the Law of the People's Republic of China on Safeguarding National Security in the Hong Kong Special Administrative Region (HKSAR), Hong Kong citizens' confidence and the global capital's confidence in Hong Kong have continued to rise. International institutions and the business community have positively evaluated Hong Kong's business environment. We have also seen Hong Kong rose to third place in the Global Financial Centres Index. The total value of Hong Kong's asset and wealth management had reached HK$35.55 trillion by the end of 2021, which was 20% up compared with the amount at the end of 2019. Hong Kong banks' deposits exceeded HK$15 trillion in July this year, an increase of 8.5% from the days before the implementation of the national security law in Hong Kong. In March this year, the International Monetary Fund praised the stability of Hong Kong's financial system and again recognized Hong Kong's status as a major international financial center. In addition, we have also seen more buoyant enterprise activities in Hong Kong. This also shows that Hong Kong's business environment and economic freedom have not been undermined. I would like to share with you some data on corporate activities. In 2021, the number of companies in Hong Kong whose parent company is in the Chinese mainland and overseas reached 9,049, a record high. In the first half of 2022, a total of 50,087 companies were established in Hong Kong, and the number of new companies increased steadily. These facts fully demonstrate that the law on safeguarding national security in Hong Kong will not undermine Hong Kong's economic freedom, but instead provide a very solid legal guarantee for Hong Kong to maintain prosperity and stability and consolidate its competitive advantages.

Thank you.