International companies are developing contingency plans in the event a Hong Kong withdrawal, according to a Canadian envoy who underlined the national security law as the major push factor.
Canada’s consul general in Hong Kong and Macau Jeff Nankivell said that Beijing’s new legislation hit Hong Kong’s «one country, two systems» framework, according to a report by local media «Ming Pao Daily».
Nankivell said that he was unaware of current retreats by Canadian firms but said some were reviewing contingency plans and studying how to transfer information not directly related to Hong Kong, including customer data.
NSL Impact
According to Nankivell, the post-national security law (NSL) environment has had various forms of adverse effects.
He underlined Beijing’s revamp of Hong Kong’s electoral system – reduction of directly elected seats in the local legislative council – as «unfortunate» and said that a noticeable number of political parties and non-governmental organizations have stopped communication with the consulate after legislation.
Nonetheless, he praised Hong Kong’s judiciary and hopes it continues to maintain its high standards.
Hong Kong-Canada Flows
Nankivell also highlighted interest from Hong Kongers seeking to move to Canada with 500 applications for open work permits in the first month since the launch of the new immigration pathway for the city’s youth.
Separately, capital flows from Hong Kong to Canada reached a record-high of $34.8 billion in 2020, according to anti-money laundering agency FINTRAC.
