Hong Kong’s business sector on Tuesday expressed their support for the government's proposal to enact Article 23 legislation.

This came after the authorities launched a one-month consultation on new national security laws.

Speaking to RTHK, the CEO of the Hong Kong General Chamber of Commerce, Patrick Yeung, said the legislation can help maintain the city's status as an international financial hub.

"The implementation of Article 23 would help to close up the loopholes of the current National Security Law and help to provide a better operating business environment for businesses here and abroad, and continue to make Hong Kong a vibrant international hub," Yeung said.

Property tycoon Ronnie Chan, who is retiring as the chairman of Hang Lung Group, also welcomed the legislation, stressing that stability is the foundation of prosperity.

Meanwhile, the president of the German Chamber of Commerce, Johannes Hack, said “only time can tell” what sort of impact Article 23 legislation will have on businesses in the SAR.

"I think it is too early today to say what… specific effect Article 23 will have."

Separately, Financial Secretary Paul Chan said he and financial market regulators will meet with representatives of the business sector to help explain the legislation and collect their views on the matter.

Chan said by safeguarding national security, Hong Kong can work on improving its economy and people's livelihoods.