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Why Hong Kong's 'dead' extradition bill is still bad for business

[2019.07.12, Fri 00:26] The leader of Hong Kong, Carrie Lam, said this week that a controversial extradition bill was "Dead". Some in the business community say the risk premium of operating in Hong Kong has also already gone up. "Tourism is down 5-10% so far ," Allan Zeman, a Hong Kong businessman and founder of Hong Kong's popular nightlife district Lan Kwai Fong, told me. "2047 is just around the corner. If we do nothing now, Hong Kong might as well be another city in China." Under the Basic Law, which has been in place since the UK handed Hong Kong back to China in 1997, Hong Kongers are guaranteed a level of autonomy and freedoms that mainland Chinese don't have. In a report in 2018, the European Commission said Hong Kong's "One country, two systems" principle was the cornerstone of the territory's economic success and that it had "Legitimate concerns about whether Hong Kong's high degree of autonomy and its attractiveness as an international business centre will continue to be upheld in the long term". For many of the young people protesting out in the streets that I met in Hong Kong though, the threat of China's increasing influence is just too great a risk to ignore. Google the news >>

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