Protests escalated in June over a since-withdrawn bill which would have allowed extraditions to mainland China, where courts are controlled by the Communist Party. They have since broadened to several demands, including universal suffrage.
Hong Kong’s chief executive Carrie Lam and top finance officials praised the Chinese-ruled city’s resilience as a global financial hub on Monday amid more than six months of often violent pro-democracy unrest.
Protests escalated in June over a since-withdrawn bill which would have allowed extraditions to mainland China, where courts are controlled by the Communist Party. They have since broadened to several demands, including 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 1998 Asian financial crisis. Lam cited the listing of e-commerce giant Alibaba Group Holding Ltd as a boon for other listings by mainland companies.
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 former British colony, which returned to China in 1997, would bridge divisions and realize its goals of a reunited community and “flourishing” economy.
Finance Secretary Paul Chan, speaking at the same event, said Hong Kong’s banking system was running smoothly and had ample liquidity despite the city facing “unprecedented” turbulence.
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