[My sharing in @TheEconomist Open Future forum]
1/ First and foremost, I see a real confidence crisis is emerging in HK. Although Lam denied and stressed again and again that she is not declaring the state of emergency.
2/ Bank runs happened in major districts -- people flooded to take cash from ATM machines and stock food for the long weekend. It is de facto a curfew status.
3/ Working Class discontent to the gov’t, not to protestors.
Before the announcement, even workers already marched in Central during lunchtime. It is unprecedented in HK - imaging professionist usually has tendency to remain in status-quo & is reluctant to stand up on the front.
4/ Real problem: Incompetent and without legitimacy
The above observations reflected that it becomes crystal clear now neither Beijing nor Lam intends to protect HK's business environment.
5/ We know that the law virtually gives CE mighty power to impose whatever she and Beijing like to — more oppressive, arbitrary arrest and search, extending detention to 96 hours or more, even banning internet access.
6/ These are even more harmful to the investment in HK. But can we entirely blame on the protests? Instead I’d like to ask, what did the government do MITIGATE the impacts in the past 18 weeks? NONE, they INTENSIFIED them. So people asking what is the future of HK?
7/ My answer is this — the future of Hong Kong is doomed if we solely rely on this incompetent gov’t. Over the past 18 weeks, people of HK demonstrated our passionate pursuit of democracy and freedom with great resilience. The future is indeed on our hands.
8/ Look at how public opinion had finally stopped the bill. But the gov’t should take up the responsibility and give way to positive change.
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