Hong Kong Protests Now Affecting The Economy

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Tear gas and umbrellas have been covering the streets of Hong Kong for about two months of mass demonstrations.

The financial hub has seen mass demonstrations where protesters have blocked trains during rush hour, and the protests are starting to affect the Hong Kong economy, according to officials.

Crowds of protesters successfully blocked access to commuter trains during rush hour on Tuesday. Protests have disrupted access to stores across the city, the airport, and many public spaces. The protests aren’t only affecting Hong Kong Island, but also the Kowloon peninsula and the outlying regions of the territory. Clashes with police have taken place in the financial heart of Hong Kong as well, which is the home of several global banks including HSBC. Protesters have been chased through the city streets, most crammed with tourists and diners, affecting business. Paul Chan, Hong Kong’s finance secretary, wrote in a blog post “Many retail and catering operators have said that their recent business volume has dropped sharply. For foreign companies and tourists, Hong Kong seems to have become turbulent and insecure, affecting their desire to travel, do business and invest in Hong Kong.”

Mass protests in Hong Kong started over a controversial bill that would allow Hong Kong citizens to be extradited to Mainland China. Protesters are concerned that the bill would be used to extradite democratic activists in Hong Kong to the mainland, where they would lack the freedom of speech protections present in Hong Kong. The mass protests then evolved into a broader movement for democratic reforms. The Hong Kong Special Administrative Region (SAR) is an autonomous territory in southern China. The territory is a part of China, but carries its own currency and passport. Under the 1997 Sino-British Joint Declaration, Hong Kong is to be fully integrated into Mainland China by 2047, until which time the Chinese socialist system would not be practiced under a “one country, two systems” arrangement.

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