Monday December 2, 8:23 PM

HONG KONG (Reuters) - Hong Kong bankers are set to meet the territory's security chief on Thursday to discuss a proposed anti-subversion law that some analysts fear would hamper the free flow of financial information.

The new law is aimed at preventing acts of subversion, sedition, treason against, or secession from China, but the government has not revealed the full content of the planned legislation, which it wants in place by July.

It may not do so before the proposal goes to the legislature for a vote, and bankers are worried that it could deprive them of information to conduct business.

"We want to make certain that we have a free flow of information," David Li, chairman of mid-tier lender Bank of East Asia, told reporters after a business luncheon.

Government officials, including Secretary for Security Regina Ip, have been meeting with Hong Kong professionals and civic groups to get their feedback on the planned legislation.

Interpreted to the letter, some provisions in the planned law may put corporate economists, analysts, researchers and journalists at risk if they report information from sources within China that could suddenly be deemed "state secrets", financial industry sources say.

Li said he did not oppose the concept of the proposed law, which Hong Kong was required to enact as part of the agreement under which it returned to China from Britain in 1997, but he said he would like the government to provide more details.

Financial Secretary Antony Leung told reporters on Monday the proposed legislation would not impede the flow of information in the financial services sector.

"I know very clearly that you need free information flow for a market to operate healthily," he said.

Li, who is also a lawmaker, said many foreign bankers have also expressed concerns over the law, which Beijing insists on having to prevent Hong Kong being used by hostile foreign forces to subvert the mainland.

Journalists and political opposition groups have already complained to the government that the proposed legislation could be used to curb freedom of the press and freedom of speech.

Hong Kong's reputation as a financial hub is built around the freedom of expression enjoyed by its 6.8 million residents.

"People say Hong Kong has a competitive advantage over Singapore because they say we have more freedom," Li said.

http://sg.news.yahoo.com/reuters/asia-136210.html

Posting date: 12/3/2002
Original article date: 12/3/2002
Category: News & Media Reports

 Yearly Archive  Printer Version