Reuters, Hong Kong :
A member of China’s central bank’s advisory body warned on Wednesday that Beijing will punish Hong Kong if pro-democracy protests that have paralyzed parts of the Chinese-controlled financial center for a month are allowed to continue.
Joseph Yam, executive vice president of advisory body China Society for Finance and Banking and a former Hong Kong central bank chief, said the city’s financial integrity and stability of its currency were also at risk.
“Hong Kong’s economic prosperity was built on its intermediary role between the mainland and overseas, especially in the financial realm,” said Yam, who urged student protesters to return to their homes.
“(When) the intermediary is uncooperative, unreliable, trouble making, the mainland will for sure reduce reliance, make a fresh start at another place, have two strings to its bow and lessen preferential policies toward Hong Kong amid the economic reform process.”
His warning came hours before China’s top parliamentary advisory body expelled Hong Kong lawmaker James Tien Pei-chun for calling on the city’s embattled chief executive, Leung Chun-ying, to step down. Tien said after the news that he would resign as leader of Hong Kong’s Liberal Party.
Tens of thousands took to the streets at the height of the demonstrations to demand greater democracy in the former British colony, although their numbers have dwindled to hundreds
in recent weeks, with tents scattered across the main protest site.
The protests were triggered by China’s imposition of a highly restrictive framework for a city-wide vote for its next leader in 2017, which would only allow candidates pre-screened by a 1,200-strong committee stacked with Beijing loyalists.
The city’s powerful tycoons had warned prior to the protests that demonstrations could threaten the city’s financial stability, although they have remained largely silent since.
A member of China’s central bank’s advisory body warned on Wednesday that Beijing will punish Hong Kong if pro-democracy protests that have paralyzed parts of the Chinese-controlled financial center for a month are allowed to continue.
Joseph Yam, executive vice president of advisory body China Society for Finance and Banking and a former Hong Kong central bank chief, said the city’s financial integrity and stability of its currency were also at risk.
“Hong Kong’s economic prosperity was built on its intermediary role between the mainland and overseas, especially in the financial realm,” said Yam, who urged student protesters to return to their homes.
“(When) the intermediary is uncooperative, unreliable, trouble making, the mainland will for sure reduce reliance, make a fresh start at another place, have two strings to its bow and lessen preferential policies toward Hong Kong amid the economic reform process.”
His warning came hours before China’s top parliamentary advisory body expelled Hong Kong lawmaker James Tien Pei-chun for calling on the city’s embattled chief executive, Leung Chun-ying, to step down. Tien said after the news that he would resign as leader of Hong Kong’s Liberal Party.
Tens of thousands took to the streets at the height of the demonstrations to demand greater democracy in the former British colony, although their numbers have dwindled to hundreds
in recent weeks, with tents scattered across the main protest site.
The protests were triggered by China’s imposition of a highly restrictive framework for a city-wide vote for its next leader in 2017, which would only allow candidates pre-screened by a 1,200-strong committee stacked with Beijing loyalists.
The city’s powerful tycoons had warned prior to the protests that demonstrations could threaten the city’s financial stability, although they have remained largely silent since.
