Beijing yields to Hong Kong’s financial clout

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Beijing yields to Hong Kong’s financial clout
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Beijing bows to Hong Kong’s special status - Carrie Lam’s decision to delay her controversial extradition bill is a defeat for her. But for China, the financial hub’s economic utility trumps political control, says petesweeneypro

Carrie Lam, chief executive of the region's government, announced in a press conference on June 15 she would pause her effort to pass a bill that would allow extradition of criminal suspects from Hong Kong to jurisdictions including Taiwan, Macau and mainland China.

The proposal has sparked widespread protests in the financial centre, including a massive peaceful march on June 9 when hundreds of thousands took to the streets, many calling for Carrie Lam's ouster. Clashes with police followed on a second protest, on June 12. Beijing officials in charge of relations with the special administrative region met in the adjacent mainland city of Shenzhen in recent days to seek resolution to the crisis, the South China Morning Post reported on June 15, citing sources.

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