The head of the Chinese Academy of Social Sciences, Gao Xiang, said on Monday that Hong Kong's national security law has plugged unguarded security risks.

He was speaking as the academy hosted a seminar on One Country, Two Systems in Beijing.

Gao described the national security law, which came into effect nearly five years ago, as "a golden shield" that ensures Hong Kong's safety and stability.

"The national security law has brought about the resumption of law and order and the gradual revival of the economy," he said.

"It consolidates Hong Kong's status as a free economy and continual improvements in the business environment.

"Some global financial professionals have had to change their stances and are now singing the SAR's praises and acknowledging its new vitality.

"The security law is widely supported by the public in Hong Kong and has won high support from the forces of justice in the international community."

Speaking at the same function, a former deputy head of the Basic Law Committee, Elsie Leung, said the One Country, Two Systems principle has undergone reforms to catch up with the times.

The former SAR justice secretary noted that the national security laws now in force follow the holistic approach set out by the country in 2014, unlike security concepts from the past century.

She said the mainland and Hong Kong needed to deal with attacks.

"How can we tackle sudden attacks, such as tariffs and sanctions?" Leung said.

"There are safety risks in areas such as economic, financial, internet data and artificial intelligence.

"These are all urgent, pressing questions that we have to deal with under One Country, Two Systems and in the new era."

Leung added there's a need to groom more political talent following improvements to the electoral system.

She said it's also worth looking into grooming more local judicial talent to lower a reliance on overseas judges.