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Pro-democracy protests shake Hong Kong
MarketWatch
The Wall Street Journal
By Isabella Steger, Fiona Law and Prudence Ho
9/28/2014
Excerpt:
HONG KONG — Police used pepper spray and tear gas to disperse pro-democracy protesters in the city’s most serious confrontation with Beijing in more than a decade.
Roads were blocked and some schools and offices were closed Monday morning as protests spread to other neighborhoods in the city. Police stopped using tear gas late in the night and tried negotiating with protesters, but crowds remained in several locations.
The protests showed signs of affecting Hong Kong’s financial industry as banks closed branches in the affected areas and the Hong Kong Monetary Authority, the city’s de facto central bank, activated its own contingency plan and was ready to inject liquidity into the banking system. Markets opened as normal, with the Hang Seng Index falling 1.3% at the start of trading.
The escalation of the protests — centered on Beijing’s decision to impose limits on how Hong Kong elects its leader — threatens to strain relations with Beijing, which controls Hong Kong under an arrangement called “one country, two systems.” Beijing has taken a hard line over the brewing dispute over democracy in Hong Kong, issuing warnings to protest organizers and pushing business leaders to support its stance, allowing universal suffrage but only allowing people to vote for preapproved candidates.
The protests were largely driven by university students who boycotted classes last week and stepped up their confrontation with authorities over the weekend. The confrontation has exposed a deep generational and economic divide in the city, and is poised to shape its relationship with mainland China for years to come.
The protests put Hong Kong’s government, which supports Beijing’s election plan, in a difficult position between its disgruntled citizens and China. In a news conference Sunday, the city’s leaders called the protests illegal. A few hours later, police began using tear gas.
The protests appeared to invigorate pro-democracy activists, especially as supporters poured into the area throughout the weekend, culminating in the confrontations during the night.
But it was unclear whether the organizers could build on the momentum. Activists have a good record of pushing back against Beijing, including two years ago when student protesters defeated a plan to use a Beijing-approved “patriotic curriculum” in schools. But they haven’t succeeded on an issue as high-profile as this one. Just a few weeks ago, the pro-democracy movement had appeared to fizzle in the face of staunch opposition from Beijing, the city’s government and from many local businesspeople.
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View the complete article, including photos, at:
http://www.marketwatch.com/story/pro...ong-2014-09-28
MarketWatch
The Wall Street Journal
By Isabella Steger, Fiona Law and Prudence Ho
9/28/2014
Excerpt:
HONG KONG — Police used pepper spray and tear gas to disperse pro-democracy protesters in the city’s most serious confrontation with Beijing in more than a decade.
Roads were blocked and some schools and offices were closed Monday morning as protests spread to other neighborhoods in the city. Police stopped using tear gas late in the night and tried negotiating with protesters, but crowds remained in several locations.
The protests showed signs of affecting Hong Kong’s financial industry as banks closed branches in the affected areas and the Hong Kong Monetary Authority, the city’s de facto central bank, activated its own contingency plan and was ready to inject liquidity into the banking system. Markets opened as normal, with the Hang Seng Index falling 1.3% at the start of trading.
The escalation of the protests — centered on Beijing’s decision to impose limits on how Hong Kong elects its leader — threatens to strain relations with Beijing, which controls Hong Kong under an arrangement called “one country, two systems.” Beijing has taken a hard line over the brewing dispute over democracy in Hong Kong, issuing warnings to protest organizers and pushing business leaders to support its stance, allowing universal suffrage but only allowing people to vote for preapproved candidates.
The protests were largely driven by university students who boycotted classes last week and stepped up their confrontation with authorities over the weekend. The confrontation has exposed a deep generational and economic divide in the city, and is poised to shape its relationship with mainland China for years to come.
The protests put Hong Kong’s government, which supports Beijing’s election plan, in a difficult position between its disgruntled citizens and China. In a news conference Sunday, the city’s leaders called the protests illegal. A few hours later, police began using tear gas.
The protests appeared to invigorate pro-democracy activists, especially as supporters poured into the area throughout the weekend, culminating in the confrontations during the night.
But it was unclear whether the organizers could build on the momentum. Activists have a good record of pushing back against Beijing, including two years ago when student protesters defeated a plan to use a Beijing-approved “patriotic curriculum” in schools. But they haven’t succeeded on an issue as high-profile as this one. Just a few weeks ago, the pro-democracy movement had appeared to fizzle in the face of staunch opposition from Beijing, the city’s government and from many local businesspeople.
......................................
View the complete article, including photos, at:
http://www.marketwatch.com/story/pro...ong-2014-09-28