HONG KONG - Some businesses operating in Hong Kong are optimistic about the city's impending change in leadership, welcoming the stability that chief executive hopeful John Lee is expected to bring after the recent years of turmoil.
Businesses have been badly battered over the past three years by the massive, often violent, pro-democracy protests of 2019 and the stringent Covid-19 restrictions imposed on the borders and within the city since early 2020. Economists have steadily cut growth forecasts for Hong Kong as the year progresses, and the worsening outlook has affected its reputation as an international hub, with several big businesses shifting staff and headquarters to other Asian cities.
Mr Lee was security chief at the time of the social unrest, which often brought businesses to a standstill. He was seen as instrumental in helping Beijing implementCritics say the law, which punishes subversion, terrorism and collusion with foreign forces, puts Hong Kong's freedoms at risk. But many businesses appreciate the stability it brought back to the city.
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