Photo/Illutration Pro-democracy demonstrators march holding their phones with flashlights on during a protest to mark the first anniversary of a mass rally against the now-withdrawn extradition bill in Hong Kong on June 9. (AP Photo)

HONG KONG--The Hong Kong government hit back on Friday at a report by Britain criticizing Beijing’s move to impose national security legislation on the global financial hub, saying the report was “inaccurate and biased.”

The British government said the proposed security law was a clear violation of China’s international obligations and a breach of the “one country, two systems” formula that has governed the former British colony since its handover to Chinese rule in 1997.

“There is still time for China to reconsider, to step back from the brink and respect Hong Kong’s autonomy and respect its own international obligations,” British Foreign Minister Dominic Raab wrote in the foreword to his government’s six-monthly report on Hong Kong.

Raab said a solution to the unrest fomented by a year of frequently violent pro-democracy rallies in the city “must come from Hong Kong and cannot be imposed from mainland China.”

However, the Hong Kong government said it firmly opposed the report’s “inaccurate and biased remarks on the national security law and the high degree of autonomy enjoyed by (Hong Kong).”

Authorities in both Hong Kong and Beijing have insisted the security legislation will focus on small numbers of “troublemakers” who pose a threat to national security and will not curb freedoms or hurt investors.

“Any allegation that the law will undermine Hong Kong people’s freedoms and ‘one country, two systems’ is no more than alarmist speculation and simply fallacious,” the Hong Kong government said in a statement.

Legislating on national security was within the purview of Beijing, it added, and the law would help better protect the rights of Hong Kong people while restoring stability in the financial center.

The exchange over the security legislation, which is expected to be implemented by September, came as Hong Kong marked the anniversary of a major protest that saw a turning point in the city’s pro-democracy movement.

On June 12 last year, police fired tear gas and rubber bullets as protesters rallied in the heart of the business district against a proposed bill that would have allowed extraditions to mainland China.

While the bill was withdrawn in September, the protest movement evolved into broader appeals for democracy in the city amid fears Beijing was reneging on its pledge to give Hong Kongers freedoms not enjoyed in the mainland.

Protests are planned in the city on Friday night.

Britain has been joined by the United States, Australia and Canada in criticizing the proposed security laws.

U.S. Secretary of State Mike Pompeo this week singled out HSBC as one of the major companies back the law, saying such “corporate kowtows” got little in return from Beijing and criticizing the Chinese Communist Party’s “coercive bullying tactics.”

U.S. Treasury Secretary Steven Mnuchin went a step further on Thursday, saying he was working on various capital markets responses to the security law, including some measures that could restrict capital flows through the territory.