Good morning from the Financial Times. Today is Friday, May 22nd, and this is your

FT news briefing. This week a slew of big retailers released earnings for the

first quarter.

And it looks like a key designation during coronavirus lockdowns

is what made all the difference.

Plus what the business of higher education looks like in the pandemic. But first China is preparing to impose

national security legislation on Hong Kong. Our Beijing Bureau Chief

Tom Mitchell will explain why and what it means for Beijing's relationship with Washington.

I'm Mark Filipino, and here's the news you need to start your day.

China's parliament today will formally authorize a plan whereby the Chinese

central government will draft national security legislation for

Hong Kong and insert it into Hong Kong's Constitution basically without asking

anyone in Hong Kong what they think about this. And you know what's the reaction

on the Hong Kong side? I know there have been protests for an extradition law that was

eventually retracted but you know this is probably not going to do anything for

their confidence in the Chinese government now right? That's the big question for today is what is the reaction in Hong Kong, especially

from those hundreds of thousands, sometimes millions of people have been protesting

over the past year for more democracy, direct elections

for the chief executive.

On the other hand, there's a substantial percentage of Hong Kong's population, the pro-Beijing

camp, which says this is long overdue.

This was Hong Kong's responsibility to draft and pass national security legislation.

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