Hong Kong¡¯s leader confirmed on Tuesday his intention to pass tighter national security laws soon to build on sweeping legislation Beijing imposed on the city in 2020, saying the city ¡°could not afford to wait.¡±

Some business people, diplomats and academics are watching developments closely, saying the prospect of new laws targeting espionage, state secrets and foreign influence, known as Article 23, could have a deep impact on the global financial hub.

Chief Executive John Lee said the government will attempt to pass the laws ¡°as soon as possible¡± but did not give a precise timetable for them to be approved by the city¡¯s legislature.