Protests in Hong Kong will continue for both economic and political reasons, and Beijing has no way to respond.
Hong Kong protestors scored a big win. The city’s Beijing-approved chief executive, Carrie Lam, has withdrawn the extradition bill that would have undermined Hong Kong’s autonomy and that sent what seemed like millions into the street. Hong Kong’s avenues cleared only briefly. Leaders of the democracy movement and their supporters have already declared, “too little, too late.”
The crucial fact underlying all this is that Hong Kong is more important to China than China is to Hong Kong. Before Beijing took possession of the city in the late 1990s, Hong Kong had long prospered on its own. To be sure, it was a British possession, but it had operated independently when it came to economics and finance and had turned itself into a powerhouse in both areas.
Hong Kong’s economic stains have received less attention than its political motivations, but they give that city’s people ample room for discontent. Hong Kong has no unemployment insurance. Public pensions have left retirees impoverished in this remarkably expensive city. Complaints about the city’s healthcare system have increased dramatically. Housing is the biggest problem. The city’s housing shortage, always severe, has become increasingly acute.
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