Hong Kong US Chamber of Commerce: "42% of Member Companies Respond They Will Leave Hong Kong"

3% of Responding Companies "Plan to Leave Immediately"
Companies Leaving Say "Hong Kong Security Law is Uncomfortable"

[Image source=EPA Yonhap News]

[Asia Economy Reporter Hyunwoo Lee] According to a survey conducted by the American Chamber of Commerce in Hong Kong, more than 40% of its member companies responded that they plan to leave Hong Kong. Among them, 3% stated that they plan to leave immediately, raising concerns that Hong Kong's status as a financial hub will significantly decline in the future. Most American companies in Hong Kong reportedly plan to leave due to the Hong Kong National Security Law, which the Chinese government forcefully enacted last year.

According to foreign media such as CNBC on the 11th (local time), the American Chamber of Commerce in Hong Kong conducted a survey from the 5th to the 9th targeting 325 member companies, and 42% of the total companies responded that they plan to leave Hong Kong. Among them, 3% plan to relocate immediately, 10% plan to relocate by this summer, and 15% plan to relocate by the end of the year.

Among the companies that responded they would leave Hong Kong, 62.3% cited the Hong Kong National Security Law, which the Chinese government forcefully implemented in June last year, as the biggest reason for leaving Hong Kong. An anonymous company official told the American Chamber of Commerce, "Before the National Security Law was enforced, I never worried about what I said or wrote in Hong Kong, but after the law was enacted, I unconsciously fear whether I have written or said something that could lead to arrest."

Conversely, among the 58% of respondents who said they would not leave Hong Kong, 76.8% responded that Hong Kong still has a high quality of life, and 55.1% said the business environment is superior compared to other cities. However, the American Chamber of Commerce reported that even companies that said they would not leave immediately are uncertain whether they can stay in Hong Kong for a long time due to the US-China trade dispute and political issues.

As a result, concerns are growing that Hong Kong's status as an international financial hub will significantly decline in the future. According to the British BBC, the Hong Kong National Security Law includes a provision stating that "anyone who colludes with foreigners to incite hatred against the Chinese government or Hong Kong government officials" is considered a criminal act. Because the criminal provisions are too broad, global companies are analyzed to no longer want to maintain branches in Hong Kong.

This content was produced with the assistance of AI translation services.