Hong Kong Fell into Recession
Hong Kong has fallen into recession and is unlikely to achieve economic growth this year, according to City Financial Secretary Paul Chan, quoted by Reuters.
“The blow (from the protests) to our economy is comprehensive,” he said yesterday. According to preliminary estimates for the third quarter, gross domestic product will report two consecutive quarters of contraction, which is the technical definition of a recession.
Hong Kong has been shaken by more than five months of anti-government protests that do not seem to abate. Yesterday demonstrators with hoods and masks set fire to shops and threw bombs on police, which responded with tear gas, water cannons and rubber bullets.
Demonstrators regularly attack subways, shopping sites and banks, especially those owned by companies in mainland China. They protest the alleged Chinese interference in Hong Kong, which was returned to China in 1997 under the "one country, two systems" formula. It must guarantee the city freedoms that are not present in the mainland.
China denies meddling. It has accused foreign governments, including the United States and Britain, of stirring up trouble, The Straits Times reported.
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