The business community in Hong Kong believes that a security law is needed, and the question should not be if the city should have the law, but what it entails, said an expert from Hong Kong-APEC Trade Policy Group, according to CNBC.

David Dodwell, executive director of think-tank Hong Kong-APEC Trade Policy Group, said there's a significant majority in the business community who accept that at some point the city should have a security law.

"I think the argument here won't be whether or not we should have a security law, but what the exact content is and how it is implemented. So those are the things we are going to need critically to say," said Dodwell.

"There has been sensitive issue over such a long time…but the principle for most working here is that at some point we have to have a security law, so the important thing is making sure it's sensitively drafted and implementation is appropriate to respect the 'One Country, Two Systems' arrangement," he explained.

Major banks in Hong Kong, including HSBC and Standard Chartered, have announced their support for China's decision to draft Hong Kong national security laws.

"We respect and support laws and regulations that will enable [Hong Kong] to recover and rebuild the economy and, at the same time, maintain the principle of 'One Country, Two Systems'," said HSBC in a statement.

China's top legislature in late March adopted a decision to draft a national security law for Hong Kong to counter foreign interference and attempts to seek independence.

(Cover image: Shopping Mongkok district in Hong Kong, China. /Reuters)