Hacker News Reader

Comment by XuMiao | Hacker News Reader

HK has been in a bad economic situation for many years. Without mainland China's support, it's even worse. The tension in the HK society is at the breaking point. Young generation has less opportunities to improve their life quality.

People who support CCP believe that it is the greedy capitalism caused the problem. Implementation of the CCP regime can rebuild HK. People who support democracy believe that it is the CCP iron fist caused suffocating.

No one is backing down. It ended up with a civil war.

Humans repeat their mistakes generation after generation.

View on HN

>Without mainland China's support, it's even worse.

The Mainland hasn't been supporting Hong Kong as much as taking it over and adding to it's historic role as a gateway for FDI into China, it is now using it as a gateway for businessmen and CCP to ship money out of China into safe assets (into Hong Kong and overseas).

What the CCP has done to Hong Kong is basically neocolonialism.

It's an extraordinary claim that mainland has been supporting HK. What support do you mean by this?

Economically, a lot of businesses profit from mainland Chinese tourists (some mainly thanks to them). Reduced travel in light of this year’s events has caused a serious drop in sales of luxury products, for example.

Yesterday I talked about just that with an HKer who works in marketing. Democracy supporters acknowledge that this trend is hurting the economy, though on bright side they welcome businesses starting to target local long-term customers more.

Business is bad.

The number of restaurants and bars I see closing on an almost daily basis is getting sad. My friends in the F&B industry here confirm that they're hurting. Bad.

Hospitality is hit even harder with hotels at 30% occupancy and many having to offer rates at 50% or higher discounts, and having to lay off staff.

HK has been over-reliant on these businesses to provide employment for a long time. Most of the F&B outfits that are closing are fly by night outfits which would only work when everyone in CBD has more money than sense. It will be a good thing if this leads to us diversifying our economy a bit more.

> Reduced travel in light of this year’s events has caused a serious drop in sales of luxury products, for example.

If the CCP had let HK be autonomous as they agreed this wouldn't have happened.

Hong Kong imports a lot from the mainland: food, energy, water... of course those don't come for free and Hong Kong is simply able to pay more than other cities in the region. In 2009, the Hong Kong government offered to reduce water consumption when Guangdong was hit by a drought, but that offer was rejected, probably because selling the water to Hong Kong was so much more profitable.

So it's not exactly altruistic support, but the economic entanglement means that if the mainland decided to embargo Hong Kong, the effect would be devastating.

Reply on news.ycombinator.com