Three journalists told CPJ that investigative reporting on major economic events, a cornerstone of Hong Kong’s financial transparency, has nearly disappeared amid government pressure and the departure of major outlets. 

The sharp decline in press freedom, the journalists said, is a direct result of the National Security Law. This law, enacted on June 30, 2020, was imposed directly by Beijing, bypassing Hong Kong’s local legislature, and included offenses for secession, subversion, terrorist activities, and collusion with foreign forces, with penalties ranging from a three years to life imprisonment.  

In the five years since it was enacted, authorities have shut down media outlets and arrested several journalists, including Jimmy Lai, the founder of one of Hong Kong’s largest newspapers, the pro-democracy Apple Daily. Several major international news organizations have either relocated or downsized their operations in Hong Kong, leading to a decline in reporting on the city and its financial hub.

“Hong Kong’s economic boom happened because journalists could work without interference,” said a veteran reporter with 11 years’ experience in television, newspapers, and digital platforms in Hong Kong, who spoke to CPJ on condition of anonymity due to security concerns.

While markets still function, at least three media professionals told CPJ that the erosion of press freedom — often overlooked — is a key factor behind Hong Kong’s fading financial appeal to market participants. One reporter described the media as “paralyzed.” 

Another hastily passed security law enacted in March 2024 in Hong Kong further deepened fears that it would be used to suppress press freedom and prosecute journalists.

“There has never been an international financial center in history that operates with restrictions on information,” Simon Lee, an economic commentator and former assistant CEO of Next Digital Group, the parent company of Apple Daily, told CPJ.

Hong Kong long served as a base for reporting on China’s economy and power structures, said a former financial journalist on the condition of anonymity, citing safety concerns.

“Most Hong Kong-listed companies come from the mainland [China]. Foreign media used Hong Kong to observe China’s economic operations or wealth transfers,” the former financial journalist told CPJ. “Now the risks feel similar to reporting from inside China.”

Crackdowns, shutdowns, and an exodus of major media

Since the introduction of the National Security Law in 2020, at least eight media outlets have shut. These included Apple Daily, news and lifestyle magazine Next Magazine, both published by Lai’s Next Digital group, and the online outlet Stand News, after they were raided by authorities.

At least four other media organizations — Post852, DB channel, Citizen News, and FactWire — ceased operations voluntarily, citing concerns over the deteriorating political environment.

Reporting was also criminalized in several cases, with journalists prosecuted for “inciting subversion” or “colluding with foreign forces.”  

China had the world’s highest number of imprisoned journalists in CPJ’s latest prison census — 50 in total, including eight in Hong Kong.

The New York Times moved part of its newsroom to Seoul in 2020. In March 2024, Radio Free Asia closed its Hong Kong office, and in May, The Wall Street Journal relocated its Asia headquarters to Singapore.

 “With fewer foreign correspondents based in the city, there’s simply less reporting on Hong Kong,” the former financial journalist told CPJ. “As a result, the city’s economy may receive less objective attention on the global stage.”

The former financial journalist said that one of the biggest losses after the security law was the disappearance of Apple Daily. Unlike most local media, which focused on routine market updates, Apple Daily connected business to politics and mapped interest networks — an increasingly rare practice.

Next Digital, through Apple Daily, built a reputation for investigative financial reporting. A former staff member told the BBC that the company once spent over 100,000 yuan (US$14,000) tracing dozens of property owners to uncover a developer’s hidden ties with a bank.

“From a financial news perspective, one of our biggest problems is losing Apple Daily,” the former financial journalist told CPJ.

Local business reporting also fades away

As Hong Kong’s financial hub reputation comes under question, stories on high unemployment rates, struggling small businesses, and store closures are increasingly out of sight.

“One direct effect is feeling increasingly unable to grasp what’s happening in the city; important information no longer seems easy to access,” Lee said. “Previously, competition among professional outlets encouraged source sharing and helped maintain a power balance. Now, one-way government-controlled information faces little resistance.”

Lee told CPJ that changes in Hong Kong’s media landscape are particularly evident in major financial events, pointing to the coverage of the 2024 sale of Li Ka-shing’s port assets, in which local outlets failed to question the deal’s structure, rationale, or political implications.

“Beijing called it a national security matter, and the other side of the story disappeared,” Lee told CPJ. “Many focus on the judicial system when discussing fairness, but true fairness also depends on the free flow of information … Without information freedom, public oversight fades, and the market’s system of checks and balances collapses.”

Lee also cited the case of Alvin Chau, a casino tycoon in Macao who was sentenced in 2023 to 18 years for illegal gambling. While foreign media uncovered his alleged links to oil smuggling operations to North Korea, local media offered little follow-up.

“These investigations and reports simply no longer exist,” Lee said.

Sources can’t speak freely

Two journalists told CPJ they have noticed increasing reluctance from interviewees. 

During previous years of the Annual Budget Speech, Hong Kong’s yearly announcement of its public spending and economic plans, the media would host analysis shows with economists debating government spending and policies. 

“We would ask about the fiscal surplus, support for the poor, and whether measures were targeted,” the veteran reporter told CPJ, adding that now, “only one professor is willing to speak openly.”

Lee told CPJ that the atmosphere of “not being allowed to criticize” the broader structure or government policy has also extended to the reporting on how financial markets operate.

Market participants should be free to take either optimistic or pessimistic views of the economic outlook, Lee told CPJ, adding that today in Hong Kong, it is discouraged to express pessimism, and even silently shifting toward defensive investment strategies or risk-averse behavior may be interpreted as making a political statement.

“It’s hard for any place with such high information costs to remain a global financial hub,” Lee said. “Because even pulling back on investment can send a signal. If investors are accused of intentionally dragging down the market just because they try to hedge or take a cautious view, they may decide it’s safer to avoid the market altogether.”

In response to CPJ’s request for comment, a Hong Kong government spokesperson referred CPJ to a statement that said the security law has enabled the city to “make a major transition from chaos to order” and “the business environment has continuously improved,” while press freedom is protected under the law.

This content originally appeared on Committee to Protect Journalists and was authored by CPJ's Asia-Pacific program staff.

Sebastien Lai has sought a meeting with Starmer for more than two years to advocate for the release of his father, 77-year-old Jimmy Lai, who founded Apple Daily. His health is deteriorating and he risks dying in jail.

Lai has been imprisoned for over 1,600 days, mostly in isolation, while awaiting the outcome of a long-delayed trial for sedition and conspiring to collude with foreign forces under the Beijing-imposed National Security Law. After Lai’s arrest in 2020, Apple Daily was shuttered on June 24, 2021, following police raids and the freezing of the paper’s assets.

Read the full joint letter here.

This content originally appeared on Committee to Protect Journalists and was authored by CP Staff.

“This show trial must end before it is too late,” said CPJ CEO Jodie Ginsberg on Monday. “The case of Jimmy Lai is not an outlier, it’s a symptom of Hong Kong’s democratic decline. Hong Kong’s treatment of Jimmy Lai — and more broadly of independent media and journalists — shows that this administration is no longer interested in even a semblance of democratic norms.”

Lai, the founder of the now-shuttered pro-democracy newspaper Apple Daily, has spent nearly four years in a maximum-security prison and solitary confinement since December 2020. He has faced multiple postponements to his trial, in which he has been charged with sedition and conspiring to collude with foreign forces.

British Prime Minister Keir Starmer told parliament in October that the case of Lai, who is a British citizen, was a “priority” and called for his release. Similarly, United Nations experts in January urged Hong Kong authorities to drop all charges against the publisher and free him.

The U.N. Working Group on Arbitrary Detention found that Lai is unlawfully and arbitrarily detained in Hong Kong, expressed alarm over his prolonged solitary confinement, and called for immediate remedy. Lai suffers from a long-standing health issue of diabetes.

Lai won a press freedom award from CPJ and the organization continues to advocate for his freedom.

Responding to CPJ’s request for comment, a Hong Kong government spokesperson referred to a November 17 statement in which it said that Lai was “receiving appropriate treatment and care in prison” and that Hong Kong authorities “strongly deplore any form of interference.”

This content originally appeared on Committee to Protect Journalists and was authored by Committee to Protect Journalists.

The letter said Neuberger’s role in the Hong Kong ruling, as a non-permanent overseas judge on Hong Kong’s top court, contradicts his previous efforts in advocating free speech and press freedom. Neuberger’s continued involvement would be, in effect, “sponsoring a systematic repression of human rights against peaceful activists and journalists in the city.”

Neuberger, a former head of Britain’s Supreme Court, resigned as chair of an advisory panel to the Media Freedom Coalition on August 14, two days after the conviction of Lai and six pro-democracy campaigners was upheld. Lai has been behind bars since December 2020.

The MFC is a group of 50 countries that pledge to promote press freedom at home and abroad. CPJ is a longstanding member of the MFC’s consultative network of nongovernmental organizations.

Read the joint statement here.

This content originally appeared on Committee to Protect Journalists and was authored by Committee to Protect Journalists.

“It is impossible to reconcile Lord Neuberger’s judicial authority as part of a system that is politicized and repressive with his role overseeing a panel that advises governments to defend and promote media freedom. The Media Freedom Coalition should immediately review his role as chair of the High Level Panel of Legal Experts on Media Freedom,” said CPJ Advocacy and Communications Director Gypsy Guillen Kaiser.

Lai, the 76-year-old founder of the now-shuttered pro-democracy newspaper Apple Daily, has been behind bars since 2020. On August 12, Hong Kong’s top court rejected his appeal against a conviction for taking part in unauthorized anti-government protests. Lai, whose trial on national security charges was adjourned again last month to late November, faces possible life imprisonment if convicted. He was honored by CPJ and the organization continues to advocate for his immediate, unconditional release.

The MFC is a group of 50 countries that pledge to promote press freedom at home and abroad. CPJ is a longstanding member of the MFC’s consultative network of nongovernmental organizations.

CPJ believes the International Bar Association’s Human Rights Institute, which serves as the secretariat for the MFC’s panel of media freedom experts, should also review Neuberger’s role.

This content originally appeared on Committee to Protect Journalists and was authored by Arlene Getz/CPJ Editorial Director.

“There is no journalism without press freedom,” said CPJ Asia Program Coordinator Beh Lih Yi. “Hong Kong journalists must be allowed to defend their right to report independently without the fear of reprisal or losing their livelihood. If Hong Kong is serious about reviving its slowing economy, then it must improve the media climate swiftly to shake off a reputation as a place with ever-increasing repression.” 

In recent months, officials and pro-Beijing news outlets have heaped pressure on the Hong Kong Journalists Association (HKJA), the city’s largest trade union for journalists.

In June, Hong Kong’s security chief Chris Tang accused the HKJA of lacking legitimacy and siding with demonstrators in 2019, while China’s state-backed Global Times in a July report described the group as “disingenuous and dangerous.”

In July, HKJA’s chair Selina Cheng said she was fired from her role at The Wall Street Journal after she was elected to lead the journalists’ union. She had been the sole candidate for the position amid a growing climate of self-censorship in Hong Kong, once a beacon of press freedom in Asia.

Asked for comment, a WSJ spokesperson told CPJ in an email that the outlet made “personnel changes” but could not comment on specific individuals. The spokesperson added that the WSJ advocates for press freedom in Hong Kong, the city which had been WSJ’s Asia headquarters before they were moved to Singapore in May. 

Another foreign correspondent and a local nonprofit adviser resigned immediately after they were elected to the HKJA’s executive committee in the group’s election following Tang’s criticism of the union.

Between May 2023 and March this year, Tang wrote eight letters to various international news outlets over their editorials or opinion articles about Hong Kong, some of which he labeled “extremely misleading,” “scaremongering,” and “lies.” Four of the eight letters were sent to WSJ.

A Hong Kong government spokesman said the city’s media landscape was “as vibrant as ever” with over 200 media organizations registered with local authorities, and that press freedom and the right to join trade unions were both protected under the law.

“As always, the media can exercise their freedom of the press in accordance with the law. Their freedom of commenting on and criticizing government policies remains uninhibited as long as this is not in violation of the law,” the spokesman told CPJ in an email.

Lengthy trials

The HKJA is the main journalists’ union in Hong Kong and has been advocating for press freedom since it was founded in 1968, but has been battling dwindling membership and funds after Beijing imposed a national security law in Hong Kong in 2020 that saw journalists arrested, jailed, and threatened. 

Among them, the then-HKJA chair Ronson Chan was sentenced to five days in jail in 2023 for obstructing a police officer while reporting.

Hong Kong passed its own homegrown national security law in March, and the U.S. Congress-funded Radio Free Asia shut its Hong Kong bureau days later over safety concerns for its reporters – joining an exodus of media and journalists who left the city since the 2020 crackdown began.

Journalists who remain point to a rising culture of self-censorship in local newsrooms and an increasing hesitation to criticize the government as Hong Kong loses its shine as a leading global financial hub. The city, once the world’s largest IPO market by value for years, saw proceeds raised from new share listings in the first half of 2024 plunge to a two-decade low.

Journalists also face lengthy delays and repeated postponements in their trials.

This includes the now-shuttered pro-democracy newspaper Apple Daily’s founder Jimmy Lai, whose trial on national security charges was adjourned again last month to late November. A representative for advocacy group Reporters Without Borders who went to Hong Kong to monitor Lai’s trial was detained and deported upon arrival.

The 76-year-old has been behind bars since 2020. On August 12, Lai lost an appeal against his conviction for taking part in unauthorized anti-government protests.

Patrick Lam and Chung Pui-kuen, former editors of the now-defunct independent news outlet Stand News are expected to hear the verdict in their sedition trial in late August, after a court in April postponed the long-awaited decision. The duo were granted bail in late 2022 after being remanded in custody for nearly a year.

This content originally appeared on Committee to Protect Journalists and was authored by Committee to Protect Journalists.

The parliamentary resolution condemned Hong Kong’s adoption last month of a new security law, which includes offenses for treason, sabotage, sedition, theft of state secrets, and espionage. The latest legislation expands on a Beijing-imposed 2020 national security law, under which more than 200 people — including Lai — have been arrested, according to the European Parliament.

“The European Parliament’s resolution sends a clear signal to Hong Kong authorities — we are standing shoulder to shoulder with Apple Daily’s Jimmy Lai and pro-democracy activists who have been jailed for speaking out against repression,” said Tom Gibson CPJ’s EU representative. “Hong Kong and Chinese authorities should repeal the Hong Kong security laws and stop harassing and prosecuting journalists.”

In 2023, the European Parliament urged Hong Kong to immediately and unconditionally release Lai, saying that he had been detained on “trumped-up charges.”

Lai faces life imprisonment if convicted of conspiring to collude with foreign forces under the 2020 security law.

A former British colony, Hong Kong was returned to China in 1997 with the guarantee of a high degree of autonomy, including freedom of speech, under a “one country, two system” formula.

This content originally appeared on Committee to Protect Journalists and was authored by Committee to Protect Journalists.

Enacted under Article 23 of Hong Kong’s mini-constitution, the law punishes offenses ranging from theft of state secrets to sedition. The statement said this could make journalism “even riskier” and intensify censorship in the Asian financial hub.

Once a beacon of press freedom in Asia, Hong Kong has seen a dramatic decline with journalists arrested, jailed, and threatened since Beijing implemented a national security law in the city in 2020. Among those jailed includes Jimmy Lai, founder of the now-shuttered pro-democracy newspaper Apple Daily.

The new security law, passed by Hong Kong’s legislature on Tuesday, expands on the 2020 Beijing-imposed legislation.

Read the joint statement here:

This content originally appeared on Committee to Protect Journalists and was authored by Committee to Protect Journalists.

Lai, a British citizen and founder of the now-shuttered pro-democracy newspaper Apple Daily, has been behind bars since December 2020 and is due to be tried on charges of foreign collusion under the national security law – imposed by Beijing three years ago – that has been used to stifle free speech and crush dissent in the city, once a bastion of press freedom in Asia.

“The trial is a travesty of justice. It may be Jimmy Lai who is in the dock, but it is press freedom and the rule of law that are on trial in Hong Kong,” said Beh Lih Yi, CPJ’s Asia program coordinator, on Friday. “The government is pulling out all the stops to keep Lai behind bars. This is a dark stain on Hong Kong’s rule of law and is doing a disservice to the government’s efforts to restore investor confidence.”

The start of the trial has been postponed multiple times, and it will be held without a jury. The Hong Kong government has prevented Lai’s choice of counsel, British lawyer Timothy Owen, from representing him and a court in May upheld the decision.

Lai is currently serving a prison sentence of five years and nine months on fraud charges related to a lease dispute.

Lai received CPJ’s Gwen Ifill Press Freedom Award in 2021 in recognition of his extraordinary and sustained commitment to press freedom.

China ranked as the world’s second-worst jailer of journalists in CPJ’s 2022 prison census, which documented those imprisoned on December 1, 2022, with at least 43 journalists behind bars.

This content originally appeared on Committee to Protect Journalists and was authored by Arlene Getz/CPJ Editorial Director.