A clumsy crackdown that evokes Tiananmen Square, President Xi Jinping would have to know, would be a disaster for Beijing.
Audrey Wu, a video editor at a Hong Kong TV station, was not even born in June of 1989, but her father has told her about what happened back then in Beijing. He told her of the demonstrations that began to honor the late Chinese leader, Hu Yaobang, a liberal reformer who had just died.
Those demonstrations ratcheted up considerably on August 12 and 13 when protesters occupied and shut down Hong Kong's international airport, one of the largest transit hubs in east Asia. The threat brought the specter of Tiananmen to the fore; the occupation of the airport and Beijing's rhetoric got the outside world's attention, as U.S. and global equity markets plunged at the prospect of enduring chaos—or worse—in one of east Asia's financial hubs.On August 14, President Donald Trump tweeted that he and Xi should meet in order to try and resolve the chaos—a ludicrous suggestion, given that Hong Kong is part of China.
But the protesters soon expanded their list of demands. Not only did they want the extradition bill killed—and it has only been shelved, for now anyway—but they wanted Chief Executive Lam to resign. They also wanted the government to retract its characterization of the demonstrations as"riots." Furthermore, they wanted an independent inquiry into the police's handling of the demonstrations. And now, they are calling for universal suffrage.
But inevitably Shanghai is emerging as the true financial capital of China, and foreign banks are beginning to see signs of liberalization that will allow them to compete in the mainland, and eventually ignore Hong Kong. Hong Kongers have long overestimated the importance their little city state—as attractive and alluring as it is.
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