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It’s definitely about the economy. Just look at Macau.

There are no protests there. They were also a former Westen colony and now under 1 country, 2 systems like Hong Kong.

The only difference is their GDP per capita is almost twice that of Hong Kong’s.

Macau's has been solidly pro-Beijing for over 50 years. While there are economic differences, there are certainly political differences as well.

https://en.wikipedia.org/wiki/12-3_incident

https://en.wikipedia.org/wiki/Legislative_Assembly_of_Macau

Macau is all in on a single industry which works when the economy is going well, but not so well when it tanks. Furthermore, the concentration of wealth in Macau is even more skewed towards the top. The average Macanese is poorer than the average Hong Konger which is why so many now live in HK.

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