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Business Daily

Hong Kong crisis: The business impact

Business Daily

BBC

Business

4.4816 Ratings

🗓️ 5 July 2019

⏱️ 18 minutes

🧾️ Download transcript

Summary

After a controversial extradition law sparked mass protests, is Hong Kong's position as a global financial centre under threat? Vivienne Nunis speaks to business owners in Hong Kong about the recent protests, hedge fund manager Edward Chin on the impact the crisis is already having on Hong Kong's financial reputation, and former investment banker and governance campaigner David Webb about the history of Hong Kong and China and whether the 'one country, two systems' policy is being dismantled.

(Photo: Protestors take to the streets in Hong Kong in June, Credit: Getty Images)

Transcript

Click on a timestamp to play from that location

0:00.0

Release the police accountable. I want universal

0:16.7

protestors demonstrating outside the territory's parliament earlier this week.

0:21.9

I'm Vivienne Nunes and today on Business Daily on the BBC World Service,

0:26.9

we'll be hearing how Hong Kong's business community feels about the escalating political situation.

0:32.7

People from the asset management businesses, they are moving their private wealth to offshore jurisdictions.

0:39.9

All our staff, if they want to go strike, that's okay.

0:42.8

Usually I tell them to be safe, but if anything happened, I always stand by them.

0:46.7

That's Business Daily from the BBC.

1:00.2

On Monday, Hong Kong police fired tear gas at demonstrators.

1:06.8

Also that day, a group of protesters stormed the Legislative Council building and vandalised it.

1:09.8

Beijing has called for those people to be investigated.

1:15.6

Emotions have been running high in Hong Kong since the government introduced plans for a new law that would allow Hong Kong residents to be extradited to mainland China.

1:20.8

The issue has triggered mass protests, with millions of people taking to the streets to show

1:26.3

their opposition.

1:31.1

Hong Kong's chief executive, Carrie Lam, has suspended the bill,

1:35.9

but many wanted to be scrapped altogether and have called for her to resign.

1:45.2

The protesters see the extradition bill as a threat to the one country two systems arrangement that gives Hong Kong some autonomy and a separate legal system to mainland China.

1:51.0

Many small businesses have openly opposed the extradition bill.

1:54.3

Over a thousand companies from yoga studios to restaurants and even a porn site

1:59.1

went on strike on June 12 in solidarity with

2:02.7

those marching.

2:04.2

Vincent Hong is the owner of Brew Note Coffee Roaster in Hong Kong's North Point

...

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