Hong Kong just passed its local security law at record speed, placating Beijing and antagonizing Western governments. It now has the challenging task of bolstering the city’s position as an international finance center.
The city’s leader, John Lee, has repeatedly said a pressing need to focus on economic development was one of the reasons behind expediting the legislation. Since coming to power in 2022, Lee has prioritized national security, even at the cost of Hong Kong’s reputation as a freewheeling hub.
While his administration has taken steps to boost overseas investment and stimulate spending, the city’s financial markets are in the doldrums and the economy is struggling.