Hong Kong’s strengths as a global financial hub have not been undermined by months of pro-democracy protests, the Chinese-ruled city’s chief executive, Carrie Lam, said on Monday.
Protests in Hong Kong escalated in June over a now-withdrawn bill which would have allowed extraditions to mainland China, where courts are controlled by the Communist Party. They have since broadened to include demands such as universal suffrage.
Speaking at the opening of a regional financial forum, Lam said the city’s financial system remained stable thanks to lessons learnt since the Asian financial crisis. Lam cited the listing of e-commerce giant Alibaba Group Holding Ltd as a boon for other listings by mainland companies.
Hundreds of protesters gather in Central on Sunday afternoon for a rally calling for international sanctions against #HongKong and Chinese government. Groups lobbying for global support take turns to report on work they have done. pic.twitter.com/KTxBmWmJAs
— Hong Kong Free Press (@HongKongFP) January 12, 2020
The city’s “strengths and resilience, just like our financial systems, have not been undermined despite (the fact) that we experienced considerable social unrest and challenges,” Lam said.
She added she was confident the city will bridge divisions, and realize its goals of a reunited community and “flourishing” economy.
Many protests involved violent clashes between protesters and the police on central streets lined by the city’s tallest towers hosting top finance companies.
Some financial firms have been caught in the middle, with branches of mainland banks repeatedly vandalized as protesters vented their anger at what they perceive as Beijing meddling in the city’s affairs, an accusation denied by Beijing which blames the West for fomenting unrest.
Lots of flags waving at Edinburgh Plaza, as a rally kicks off, urging the world to impose sanctions on #HongKong and Chinese govt. “Punishment is waiting for the unjust. For those who are waiting in Hong Kong, we will see victory,” says the organiser. pic.twitter.com/6u0XdHgveL
— Rachel Cheung (@rachel_cheung1) January 12, 2020
HSBC has also drawn the ire of some protesters who accuse it of being complicit in action by the authorities against activists trying to raise money to support their campaign. HSBC strongly denies any connection.
Hurt by a tariff war between Washington and Beijing, and with protests hurting tourism and retail sales, Hong Kong’s economy has fallen into recession and relies on its finance industry to prevent a deeper downturn.
