Does the extradition law really spell the death of Hong Kong? Some businesses say yes

James Griffiths
Analysis by James Griffiths, CNN
Updated 3:08 AM EDT, Tue June 11, 2019
World News
HONG KONG, HONG KONG - JUNE 10: Police officers charge toward protesters after a rally against the extradition law proposal at the Central Government Complex on June 10, 2019 in Hong Kong. Organizers say more than a million marched on Sunday against a bill that would allow suspected criminals to be sent to mainland China for trial as tensions have escalated in recent weeks. (Photo by Anthony Kwan/Getty Images)
HONG KONG, HONG KONG - JUNE 10: Police officers charge toward protesters after a rally against the extradition law proposal at the Central Government Complex on June 10, 2019 in Hong Kong. Organizers say more than a million marched on Sunday against a bill that would allow suspected criminals to be sent to mainland China for trial as tensions have escalated in recent weeks. (Photo by Anthony Kwan/Getty Images)
Anthony Kwan/Getty Images AsiaPac/Getty Images
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Hong Kong CNN  — 

Hong Kong is a city built for business.

Seized by the British after the first Opium War ended in 1842 and used as a base for trade in drugs and other products, in the late 20th century Hong Kong became a leading global financial center and gateway to the giant Chinese economy

The handover of the city to China in 1997, however, prompted fears that model would collapse.

Two years before that looming date, Fortune magazine ran a notorious cover warning of the “death of Hong Kong,” lamenting that the “the world’s most aggressively pro-business economy” was being handed to Communist China.

A riot policeman sprays pepper spray at a man as they disperse a crowd during a demonstration against "parallel traders" who buy goods in Hong Kong to resell in mainland China on Sunday, January 5.
Photos: Hong Kong unrest
Andy Wong/AP
A riot policeman sprays pepper spray at a man as they disperse a crowd during a demonstration against "parallel traders" who buy goods in Hong Kong to resell in mainland China on Sunday, January 5.
Pro-democracy supporters hold placards as they take part in a New Year's Day rally on Wednesday, January 1 in Hong Kong.
Photos: Hong Kong unrest
Anthony Kwan/Getty Images
Pro-democracy supporters hold placards as they take part in a New Year's Day rally on Wednesday, January 1 in Hong Kong.
Pro-democracy supporters wave flags during a countdown party in Tsim Sha Tsui district on New Year's Eve.
Photos: Hong Kong unrest
Anthony Kwan/Getty Images
Pro-democracy supporters wave flags during a countdown party in Tsim Sha Tsui district on New Year's Eve.
Police arrive to conduct a clearance operation in the Kowloon district of Hong Kong on December 31.
Photos: Hong Kong unrest
Isaac Lawrence/AFP via Getty Images
Police arrive to conduct a clearance operation in the Kowloon district of Hong Kong on December 31.
Protesters take photos of a 'Free HK' light display at a gathering in the Central district of Hong Kong on December 30.
Photos: Hong Kong unrest
Isaac Lawrence/AFP via Getty Images
Protesters take photos of a 'Free HK' light display at a gathering in the Central district of Hong Kong on December 30.
A man is detained by riot police during a demonstration in a shopping mall at Sheung Shui district on December 28.
Photos: Hong Kong unrest
Anthony Kwan/Getty Images
A man is detained by riot police during a demonstration in a shopping mall at Sheung Shui district on December 28.
A protester reacts after police fire tear gas to disperse bystanders in the Jordan district of Hong Kong, early on December 25.
Photos: Hong Kong unrest
Philip Fong/AFP via Getty Images
A protester reacts after police fire tear gas to disperse bystanders in the Jordan district of Hong Kong, early on December 25.
People celebrating the holidays react to tear gas as police confront protesters on Christmas Eve.
Photos: Hong Kong unrest
Kin Cheung/AP
People celebrating the holidays react to tear gas as police confront protesters on Christmas Eve.
Protesters march in Hong Kong.
Photos: Hong Kong unrest
Anthony Kwan/Getty Images
Protesters march in Hong Kong.
Protesters stage a rally outside the US Consulate in Hong Kong on Sunday, December 1. Hundreds gathered Sunday afternoon outside the US Consulate for another pro-US rally to show support for President Trump after he signed the Hong Kong Human Rights and Democracy Act into law.
Photos: Hong Kong unrest
Vincent Thian/AP
Protesters stage a rally outside the US Consulate in Hong Kong on Sunday, December 1. Hundreds gathered Sunday afternoon outside the US Consulate for another pro-US rally to show support for President Trump after he signed the Hong Kong Human Rights and Democracy Act into law.
People take part in a march from Tsim Sha Tsui to Hung Hom in Hong Kong on December 1.
Photos: Hong Kong unrest
Philip Fong/AFP/Getty Images
People take part in a march from Tsim Sha Tsui to Hung Hom in Hong Kong on December 1.
Pro-democracy candidate Jimmy Sham, right, celebrates with a supporter after winning his election in the Sha Tin district, early November 25. "Today's result represents (my constituency's) support to protesters. The government should immediately establish the Five Demands and respond to the public's voices," Sham posted on Facebook, referencing a long-standing protest slogan.
Photos: Hong Kong unrest
Vincent Thian/AP
Pro-democracy candidate Jimmy Sham, right, celebrates with a supporter after winning his election in the Sha Tin district, early November 25. "Today's result represents (my constituency's) support to protesters. The government should immediately establish the Five Demands and respond to the public's voices," Sham posted on Facebook, referencing a long-standing protest slogan.
Pro-democracy candidate James Yu hugs his girlfriend after winning his seat in district council elections, early November 25.
Photos: Hong Kong unrest
Vincent Yu/AP
Pro-democracy candidate James Yu hugs his girlfriend after winning his seat in district council elections, early November 25.
People line up to vote outside of a polling place in Hong Kong, November 24. More than <a href="https://www.cnn.com/2019/11/24/asia/hong-kong-district-council-elections-intl/index.html" target="_blank">2.9 million people turned out</a> to vote in Sunday's elections, which have been framed as a <a href="https://www.cnn.com/2019/11/22/asia/hong-kong-protests-district-council-elections-intl-hnk/index.html" target="_blank">de facto referendum</a> on the almost six months of ongoing protests.
Photos: Hong Kong unrest
Vincent Yu/AP
People line up to vote outside of a polling place in Hong Kong, November 24. More than 2.9 million people turned out to vote in Sunday's elections, which have been framed as a de facto referendum on the almost six months of ongoing protests.
Hong Kong Chief Executive Carrie Lam casts her ballot for the district council elections at a polling place, November 24. In a statement Monday, Lam said her government "respects the election results."
Photos: Hong Kong unrest
Kin Cheung/AP
Hong Kong Chief Executive Carrie Lam casts her ballot for the district council elections at a polling place, November 24. In a statement Monday, Lam said her government "respects the election results."
A group of protesters leave the Hong Kong Polytechnic University holding hands before surrendering to police in the Hung Hom district on November 22.
Photos: Hong Kong unrest
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A group of protesters leave the Hong Kong Polytechnic University holding hands before surrendering to police in the Hung Hom district on November 22.
Protesters use clothes and helmets to form "SOS" at Hong Kong Polytechnic University on November 21.
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Vincent Thian/AP
Protesters use clothes and helmets to form "SOS" at Hong Kong Polytechnic University on November 21.
Protesters raise their hands to represent the five demands of pro-democracy demonstrators during a rally in support of the Hong Kong Human Rights and Democracy Act in the U.S., at the IFC Mall in Hong Kong, on November 21.
Photos: Hong Kong unrest
Ng Han Guan/AP
Protesters raise their hands to represent the five demands of pro-democracy demonstrators during a rally in support of the Hong Kong Human Rights and Democracy Act in the U.S., at the IFC Mall in Hong Kong, on November 21.
Tables and chairs piled up to create a barrier are left behind by protesters who barricaded themselves inside the Hong Kong Polytechnic University.
Photos: Hong Kong unrest
Nicolas Asfouri/AFP/Getty Images
Tables and chairs piled up to create a barrier are left behind by protesters who barricaded themselves inside the Hong Kong Polytechnic University.
A Fire Services Department rescue diver prepares to enter the sewage system on November 20 to search for protesters who escaped from the Hong Kong Polytechnic University.
Photos: Hong Kong unrest
Anthony Kwan/Getty Images
A Fire Services Department rescue diver prepares to enter the sewage system on November 20 to search for protesters who escaped from the Hong Kong Polytechnic University.
Police detain a group of people after they tried to flee the Hong Kong Polytechnic University campus on November 19. Last week, thousands of student protesters streamed into the <a href="https://www.cnn.com/2019/11/19/asia/hong-kong-polytechnic-university-scene-intl-hnk/index.html" target="_blank">university and occupied the campus </a>as the city's violent political unrest reached fever pitch.
Photos: Hong Kong unrest
Nicolas Asfouri/AFP/Getty Images
Police detain a group of people after they tried to flee the Hong Kong Polytechnic University campus on November 19. Last week, thousands of student protesters streamed into the university and occupied the campus as the city's violent political unrest reached fever pitch.
A protester uses a flashlight while crawling through a sewer tunnel to see how wide it is as he and others try to find an escape route from the Hong Kong Polytechnic University on November 19.
Photos: Hong Kong unrest
Anthony Wallace/AFP/Getty Images
A protester uses a flashlight while crawling through a sewer tunnel to see how wide it is as he and others try to find an escape route from the Hong Kong Polytechnic University on November 19.
A protester walks through a gymnasium at Hong Kong Polytechnic University on November 19.
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Vincent Yu/AP
A protester walks through a gymnasium at Hong Kong Polytechnic University on November 19.
Protesters react as police fire tear gas in the Kowloon area of Hong Kong, Monday, November 18.
Photos: Hong Kong unrest
Vincent Yu/AP
Protesters react as police fire tear gas in the Kowloon area of Hong Kong, Monday, November 18.
Firefighters put out a burning car set on fire by protesters near Hong Kong Polytechnic University in the Tsim Sha Tsui district on November 18.
Photos: Hong Kong unrest
Billy H.C. Kwok/Getty Images
Firefighters put out a burning car set on fire by protesters near Hong Kong Polytechnic University in the Tsim Sha Tsui district on November 18.
Police in riot gear move through a cloud of smoke as they detain a protester at the Hong Kong Polytechnic University in Hong Kong on November 18. Police have <a href="https://edition.cnn.com/asia/live-news/hong-kong-protests-live-nov-18-intl-hnk/index.html" target="_blank">attempted to clear the university</a>, which has been occupied by protesters for days as a strategic protest base.
Photos: Hong Kong unrest
Ng Han Guan/AP
Police in riot gear move through a cloud of smoke as they detain a protester at the Hong Kong Polytechnic University in Hong Kong on November 18. Police have attempted to clear the university, which has been occupied by protesters for days as a strategic protest base.
Police fire tear gas as protesters attempt to leave Hong Kong Polytechnic University via a bridge on November 18.
Photos: Hong Kong unrest
Dale de la Rey/AFP via Getty Images
Police fire tear gas as protesters attempt to leave Hong Kong Polytechnic University via a bridge on November 18.
A member of the police clashes with a protester at the Hong Kong Poytechnic University on November 18.
Photos: Hong Kong unrest
Anthony Kwan/Getty Images
A member of the police clashes with a protester at the Hong Kong Poytechnic University on November 18.
Protesters use a rope to lower themselves from a pedestrian bridge to waiting motorbikes to escape from police at Hong Kong Polytechnic University on November 18.
Photos: Hong Kong unrest
Kin Cheung/AP
Protesters use a rope to lower themselves from a pedestrian bridge to waiting motorbikes to escape from police at Hong Kong Polytechnic University on November 18.
A protester throws an umbrella onto a fire at the barricaded main entrance of Hong Kong Polytechnic University on November 18.
Photos: Hong Kong unrest
Anthony Wallace/AFP via Getty Images
A protester throws an umbrella onto a fire at the barricaded main entrance of Hong Kong Polytechnic University on November 18.
An anti-government protester is detained at Hong Kong Polytechnic University on November 18.
Photos: Hong Kong unrest
Laurel Chor/Getty Images
An anti-government protester is detained at Hong Kong Polytechnic University on November 18.
An anti-government protester is showered down by volunteer medical workers after he was soaked by a police water cannons firing pepper spray-infused water at Hong Kong Polytechnic University on November 18.
Photos: Hong Kong unrest
Anthony Wallace/AFP/Getty Images
An anti-government protester is showered down by volunteer medical workers after he was soaked by a police water cannons firing pepper spray-infused water at Hong Kong Polytechnic University on November 18.
Riot police fire tear gas and rubber bullets as protesters attempt to leave Hong Kong Poytechnic University on November 18.
Photos: Hong Kong unrest
Anthony Kwan/Getty Images
Riot police fire tear gas and rubber bullets as protesters attempt to leave Hong Kong Poytechnic University on November 18.
A protester prepares to shoot an arrow during a confrontation with police.
Photos: Hong Kong unrest
Kin Cheung/AP
A protester prepares to shoot an arrow during a confrontation with police.
Police use a water cannon outside the Hong Kong Polytechnic University.
Photos: Hong Kong unrest
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Police use a water cannon outside the Hong Kong Polytechnic University.
A protester throws a Molotov cocktail at police on November 17.
Photos: Hong Kong unrest
ANTHONY WALLACE/AFP/Getty Images
A protester throws a Molotov cocktail at police on November 17.
Protesters use a catapult to fire bricks at the police from inside the Hong Kong Polytechnic University on November 17.
Photos: Hong Kong unrest
ANTHONY WALLACE/AFP/Getty Images
Protesters use a catapult to fire bricks at the police from inside the Hong Kong Polytechnic University on November 17.
A woman tries to hold back riot police from approaching the Hong Kong University in Hong Kong on Saturday.
Photos: Hong Kong unrest
Ng Han Guan/AP
A woman tries to hold back riot police from approaching the Hong Kong University in Hong Kong on Saturday.
Protesters train to throw Molotov cocktails into a swimming pool on the campus of the Hong Kong Polytechnic University on November 14.
Photos: Hong Kong unrest
Miguel Candela/EPA-EFE/Shutterstock
Protesters train to throw Molotov cocktails into a swimming pool on the campus of the Hong Kong Polytechnic University on November 14.
Protesters walk past barricades of bricks on a road near the Hong Kong Polytechnic University on November 14.
Photos: Hong Kong unrest
Kin Cheung/AP
Protesters walk past barricades of bricks on a road near the Hong Kong Polytechnic University on November 14.
Demonstrators gather during a lunchtime protest in the financial district of Hong Kong on November 14.
Photos: Hong Kong unrest
Vincent Yu/AP
Demonstrators gather during a lunchtime protest in the financial district of Hong Kong on November 14.
A protester releases a flaming arrow to light a barricade at The Chinese University of Hong Kong (CUHK), Wednesday, November 13.
Photos: Hong Kong unrest
Anthony Wallace/AFP via Getty Images
A protester releases a flaming arrow to light a barricade at The Chinese University of Hong Kong (CUHK), Wednesday, November 13.
A Molotov cocktail, a gas mask and a yellow construction helmet are placed upon a bust of late hotel tycoon Hui Yeung Shing at the campus of The Chinese University of Hong Kong on November 13.
Photos: Hong Kong unrest
Anthony Wallace/AFP via Getty Images
A Molotov cocktail, a gas mask and a yellow construction helmet are placed upon a bust of late hotel tycoon Hui Yeung Shing at the campus of The Chinese University of Hong Kong on November 13.
A fire is seen at a Mass Transit Railway (MTR) station during a demonstration at The Chinese University of Hong Kong on November 13.
Photos: Hong Kong unrest
Anthony Kwan/Getty Images
A fire is seen at a Mass Transit Railway (MTR) station during a demonstration at The Chinese University of Hong Kong on November 13.
Students attempt to clear tear gas canisters fired by riot police onto a sports track during a confrontation at the Chinese University in Hong Kong on Tuesday, November 12.
Photos: Hong Kong unrest
AP Photo
Students attempt to clear tear gas canisters fired by riot police onto a sports track during a confrontation at the Chinese University in Hong Kong on Tuesday, November 12.
A man is detained during a protest at the Chinese University of Hong Kong on November 12.
Photos: Hong Kong unrest
Philip Fong/AFP/Getty Images
A man is detained during a protest at the Chinese University of Hong Kong on November 12.
Students block an escalator with chairs in an attempt to hamper police at the University of Hong Kong on November 12.
Photos: Hong Kong unrest
Kin Cheung/AP
Students block an escalator with chairs in an attempt to hamper police at the University of Hong Kong on November 12.
A protester is detained in the Central District of Hong Kong on November 11.
Photos: Hong Kong unrest
Vincent Yu/AP
A protester is detained in the Central District of Hong Kong on November 11.
People react after tear gas was fired by police during a protest in Hong Kong's Central District on November 11.
Photos: Hong Kong unrest
Anthony Wallace/AFP/Getty Images
People react after tear gas was fired by police during a protest in Hong Kong's Central District on November 11.
Riot police face off with protesters at an entrance of a shopping mall during a demonstration on November 10.
Photos: Hong Kong unrest
Anthony Kwan/Getty Images
Riot police face off with protesters at an entrance of a shopping mall during a demonstration on November 10.
A man is helped by a volunteer medic after police used pepper spray during a demonstration on November 10.
Photos: Hong Kong unrest
Anthony Kwan/Getty Images
A man is helped by a volunteer medic after police used pepper spray during a demonstration on November 10.
Students of the Hong Kong University of Science and Technology (HKUST) participate in a march on November 8, after hospital officials confirmed the <a href="https://edition.cnn.com/2019/11/07/asia/hong-kong-protester-death-intl-hnk/index.html" target="_blank">death of student Chow Tsz-lok</a>, 22. Police say Chow, a computer sciences student at HKUST, fell from the third floor to the second floor of a parking garage in the residential area of Tseung Kwan O in the early hours of November 4.
Photos: Hong Kong unrest
Philip Fong/AFP via Getty Images
Students of the Hong Kong University of Science and Technology (HKUST) participate in a march on November 8, after hospital officials confirmed the death of student Chow Tsz-lok, 22. Police say Chow, a computer sciences student at HKUST, fell from the third floor to the second floor of a parking garage in the residential area of Tseung Kwan O in the early hours of November 4.
A person places a flower at a memorial for 22-year-old Hong Kong university student Chow Tsz-lok on November 8.
Photos: Hong Kong unrest
Philip Fong/AFP/Getty Images
A person places a flower at a memorial for 22-year-old Hong Kong university student Chow Tsz-lok on November 8.
Students in gas masks are seen during a graduation ceremony at the Chinese University of Hong Kong on Thursday, November 7 in Hong Kong.
Photos: Hong Kong unrest
Billy H.C. Kwok/Getty Images
Students in gas masks are seen during a graduation ceremony at the Chinese University of Hong Kong on Thursday, November 7 in Hong Kong.
Firefighters stand outside the offices of China's Xinhua News Agency after its windows were damaged by protesters in Hong Kong on Saturday, November 2. Hong Kong riot police fired multiple rounds of tear gas and used a water cannon Saturday to break up a rally by thousands of masked protesters demanding autonomy after Beijing indicated it could tighten its grip on the Chinese territory.
Photos: Hong Kong unrest
Kin Cheung/AP
Firefighters stand outside the offices of China's Xinhua News Agency after its windows were damaged by protesters in Hong Kong on Saturday, November 2. Hong Kong riot police fired multiple rounds of tear gas and used a water cannon Saturday to break up a rally by thousands of masked protesters demanding autonomy after Beijing indicated it could tighten its grip on the Chinese territory.
Richard Chan, a candidate for the district council elections, reacts after being pepper-sprayed by police in Hong Kong on November 2.
Photos: Hong Kong unrest
Vincent Yu/AP
Richard Chan, a candidate for the district council elections, reacts after being pepper-sprayed by police in Hong Kong on November 2.
Thousands of black-clad masked protesters streamed into Hong Kong's central shopping district for another rally on November 2.
Photos: Hong Kong unrest
Kin Cheung/AP
Thousands of black-clad masked protesters streamed into Hong Kong's central shopping district for another rally on November 2.
A person dressed as President Donald Trump waves an American flag on a street in Hong Kong on Thursday, October 31, 2019. Hong Kong authorities braced as pro-democracy protesters urged people on Thursday to celebrate Halloween by wearing masks on a march in defiance of a <a href="https://www.cnn.com/2019/10/30/asia/halloween-hong-kong-mask-ban-intl-hnk/index.html" target="_blank">government ban on face coverings</a>.
Photos: Hong Kong unrest
Kin Cheung/AP
A person dressed as President Donald Trump waves an American flag on a street in Hong Kong on Thursday, October 31, 2019. Hong Kong authorities braced as pro-democracy protesters urged people on Thursday to celebrate Halloween by wearing masks on a march in defiance of a government ban on face coverings.
A man dressed as the Joker for Halloween walks past police officers on October 31.
Photos: Hong Kong unrest
Kin Cheung/AP
A man dressed as the Joker for Halloween walks past police officers on October 31.
Pro-democracy activist Joshua Wong (second from left) and Kelvin Lam (second from right) shout slogans as they meet the media outside the Legislative Council (LegCo) in Hong Kong on October 29, 2019, after Wong was barred from standing in an upcoming local election.
Photos: Hong Kong unrest
Anthony Wallace/AFP/Getty Images
Pro-democracy activist Joshua Wong (second from left) and Kelvin Lam (second from right) shout slogans as they meet the media outside the Legislative Council (LegCo) in Hong Kong on October 29, 2019, after Wong was barred from standing in an upcoming local election.
A protester throws a tear gas canister on October 27 in Hong Kong.
Photos: Hong Kong unrest
Billy H.C. Kwok/Getty Images
A protester throws a tear gas canister on October 27 in Hong Kong.
A couple wearing Guy Fawkes masks watch a rally at Chater Garden in Hong Kong on October 26.
Photos: Hong Kong unrest
Mark Schiefelbein/AP
A couple wearing Guy Fawkes masks watch a rally at Chater Garden in Hong Kong on October 26.
Protesters start a fire in front of the MTR station during demonstration on October 27.
Photos: Hong Kong unrest
Ivan Cheung/SOPA Images/Getty Images
Protesters start a fire in front of the MTR station during demonstration on October 27.
Tear gas smoke is seen exploding over reporters during an anti-government protest in Mong Kok district in Hong Kong on October 27.
Photos: Hong Kong unrest
Vernon Yuen/Getty Images
Tear gas smoke is seen exploding over reporters during an anti-government protest in Mong Kok district in Hong Kong on October 27.
High school students take part in a human chain rally outside Kowloon park in Hong Kong on October 25.
Photos: Hong Kong unrest
Philip Fong/AFP/Getty Images
High school students take part in a human chain rally outside Kowloon park in Hong Kong on October 25.
Police fire blue dye toward protesters in Hong Kong on Sunday, October 20. Blue dye can be used to stain and identify masked protesters.
Photos: Hong Kong unrest
Kin Cheung/AP
Police fire blue dye toward protesters in Hong Kong on Sunday, October 20. Blue dye can be used to stain and identify masked protesters.
A pro-democracy protester is arrested by police on October 20.
Photos: Hong Kong unrest
Anthony Kwan/Getty Images
A pro-democracy protester is arrested by police on October 20.
Pro-democracy lawmakers protest as Hong Kong Chief Executive Carrie Lam delivers a speech at the Legislative Council on Wednesday, October 16. Lam's annual policy address <a href="https://www.cnn.com/2019/10/16/asia/hong-kong-protests-explosives-intl-hnk/index.html" target="_blank">ended in chaos</a> as pro-democracy lawmakers repeatedly disrupted her speech and heckled her with calls to honor the demands of anti-government protesters.
Photos: Hong Kong unrest
Mark Schiefelbein/AP
Pro-democracy lawmakers protest as Hong Kong Chief Executive Carrie Lam delivers a speech at the Legislative Council on Wednesday, October 16. Lam's annual policy address ended in chaos as pro-democracy lawmakers repeatedly disrupted her speech and heckled her with calls to honor the demands of anti-government protesters.
A protester shoots a basketball at a poster of Lam during a rally on Tuesday, October 15.
Photos: Hong Kong unrest
Anthony Wallace/AFP via Getty Images
A protester shoots a basketball at a poster of Lam during a rally on Tuesday, October 15.
Protesters set fire to a Bank of China branch on Sunday, October 13. It was the 19th consecutive weekend of anti-government protests in Hong Kong.
Photos: Hong Kong unrest
Miguel Candela/SOPA Images/Getty Images
Protesters set fire to a Bank of China branch on Sunday, October 13. It was the 19th consecutive weekend of anti-government protests in Hong Kong.
Protesters use the lights on their phones during a rally in central Hong Kong's business district.
Photos: Hong Kong unrest
Felipe Dana/AP
Protesters use the lights on their phones during a rally in central Hong Kong's business district.
A protester attempts to break a tourist bus window on October 13.
Photos: Hong Kong unrest
Anthony Kwan/Getty Images
A protester attempts to break a tourist bus window on October 13.
Protesters wearing masks in defiance of <a href="https://www.cnn.com/2019/10/04/asia/hong-kong-face-mask-ban-meeting-intl-hnk/index.html" target="_blank">a recently imposed ban</a> gather at a shopping mall on October 13.
Photos: Hong Kong unrest
Vincent Yu/AP
Protesters wearing masks in defiance of a recently imposed ban gather at a shopping mall on October 13.
Supporters surround a police bus carrying political activist Edward Leung as it leaves the High Court in Hong Kong on Wednesday, October 9. Several hundred masked protesters gathered at Hong Kong's High Court for the appeal hearing of Leung, <a href="https://www.cnn.com/2018/06/11/asia/edward-leung-hong-kong-jailed-intl/index.html" target="_blank">who was sentenced to six years in prison</a> for his part in a violent clash with police.
Photos: Hong Kong unrest
Vincent Yu/AP
Supporters surround a police bus carrying political activist Edward Leung as it leaves the High Court in Hong Kong on Wednesday, October 9. Several hundred masked protesters gathered at Hong Kong's High Court for the appeal hearing of Leung, who was sentenced to six years in prison for his part in a violent clash with police.
A woman is treated after police fired tear gas to disperse protesters in the Mong Kok district of Hong Kong on October 7.
Photos: Hong Kong unrest
Mohd Rasfan/AFP/Getty Images
A woman is treated after police fired tear gas to disperse protesters in the Mong Kok district of Hong Kong on October 7.
Pro-democracy protesters gather in a shopping mall on October 7.
Photos: Hong Kong unrest
Anthony Wallace/AFP/Getty Images
Pro-democracy protesters gather in a shopping mall on October 7.
Rescue personnel check the bottom of a taxi after the driver allegedly drove onto the pavement, hitting protesters in Hong Kong on October 6.
Photos: Hong Kong unrest
Anthony Wallace/AFP/Getty Images
Rescue personnel check the bottom of a taxi after the driver allegedly drove onto the pavement, hitting protesters in Hong Kong on October 6.
A China Construction Bank is seen vandalized in the Causeway Bay area of Hong Kong on October 6.
Photos: Hong Kong unrest
Anthony Kwan/Getty Images
A China Construction Bank is seen vandalized in the Causeway Bay area of Hong Kong on October 6.
Pro-democracy protesters set fires in the street in the Causeway Bay area.
Photos: Hong Kong unrest
Anthony Kwan/Getty Images
Pro-democracy protesters set fires in the street in the Causeway Bay area.
People protest the ban against masks on Saturday, October 5.
Photos: Hong Kong unrest
Laurel Chor/Getty Images
People protest the ban against masks on Saturday, October 5.
An anti-government protester stands near a fire on Friday, October 4.
Photos: Hong Kong unrest
Athit Perawongmetha/Reuters
An anti-government protester stands near a fire on Friday, October 4.
Protesters move a statue depicting a protester armed with gas mask, helmet and umbrella on the streets of Hong Kong on October 4.
Photos: Hong Kong unrest
Vincent Yu/AP
Protesters move a statue depicting a protester armed with gas mask, helmet and umbrella on the streets of Hong Kong on October 4.
Protesters set a fire at a China Construction Bank.
Photos: Hong Kong unrest
Anthony Kwan/Getty Images
Protesters set a fire at a China Construction Bank.
Protesters spray paint slogans at the entrance to a tunnel on October 4.
Photos: Hong Kong unrest
Felipe Dana/AP
Protesters spray paint slogans at the entrance to a tunnel on October 4.
A store is in shambles after being vandalized by protesters.
Photos: Hong Kong unrest
Laurel Chor/Getty Images
A store is in shambles after being vandalized by protesters.
Pro-democracy demonstrators hold up their hands to symbolize their five demands during a rally on October 4.
Photos: Hong Kong unrest
Mohd Rasfan/AFPGetty Images
Pro-democracy demonstrators hold up their hands to symbolize their five demands during a rally on October 4.
Protesters throw petrol bombs at the gate to the Tsuen Wan police station on Wednesday, October 2.
Photos: Hong Kong unrest
Marcus Yam/Los Angeles Times via Getty Images
Protesters throw petrol bombs at the gate to the Tsuen Wan police station on Wednesday, October 2.
Schoolmates of a <a href="https://edition.cnn.com/2019/10/01/asia/hong-kong-oct-1-protests-escalation-intl-hnk/index.html" target="_blank">student who was shot in the chest by police</a> place their hands on their chests during a protest on October 2.
Photos: Hong Kong unrest
Mohd Rasfan/AFP/Getty Images
Schoolmates of a student who was shot in the chest by police place their hands on their chests during a protest on October 2.
A young protester was shot Tuesday, October 1, as violent protests erupted across Hong Kong on the 70th anniversary of the People's Republic of China. The incident marked a major escalation in violence that could galvanize the protest movement in Hong Kong.
Photos: Hong Kong unrest
Editorial Board, CityU SU/Reuters
A young protester was shot Tuesday, October 1, as violent protests erupted across Hong Kong on the 70th anniversary of the People's Republic of China. The incident marked a major escalation in violence that could galvanize the protest movement in Hong Kong.
Police detain an anti-government protester on October 1. Thousands of black-clad protesters marched in central Hong Kong as part of multiple pro-democracy rallies.
Photos: Hong Kong unrest
Felipe Dana/AP
Police detain an anti-government protester on October 1. Thousands of black-clad protesters marched in central Hong Kong as part of multiple pro-democracy rallies.
Police tackle and arrest pro-democracy protesters during clashes on October 1.
Photos: Hong Kong unrest
Chris McGrath/Getty Images
Police tackle and arrest pro-democracy protesters during clashes on October 1.
A protester is seen carrying rocks on a street on October 1. While events in Beijing were being held to mark the <a href="https://edition.cnn.com/2019/10/01/world/gallery/china-70th-anniversary/index.html" target="_blank">70th anniversary of the founding of the People's Republic of China,</a> demonstrators rallied throughout Hong Kong.
Photos: Hong Kong unrest
Isaac Lawrence/AFP/Getty Images
A protester is seen carrying rocks on a street on October 1. While events in Beijing were being held to mark the 70th anniversary of the founding of the People's Republic of China, demonstrators rallied throughout Hong Kong.
Protesters react after police fired tear gas near the central government offices in Hong Kong's Admiralty area on October 1.
Photos: Hong Kong unrest
Nicolas Asfouri/AFP/Getty Images
Protesters react after police fired tear gas near the central government offices in Hong Kong's Admiralty area on October 1.
Pro-democracy protesters form a "Pepe the Frog" themed human chain on Monday, September 30.
Photos: Hong Kong unrest
Anthony Kwan/Getty Images
Pro-democracy protesters form a "Pepe the Frog" themed human chain on Monday, September 30.
A man is detained by Hong Kong police during a protest in the Causeway Bay shopping district on Sunday, September 29.
Photos: Hong Kong unrest
Philip Fong/AFP/Getty Images
A man is detained by Hong Kong police during a protest in the Causeway Bay shopping district on Sunday, September 29.
Bus passengers look at a burning barricade lit by pro-democracy protesters in front of the Mong Kok police station on Sunday, September 22.
Photos: Hong Kong unrest
Chris McGrath/Getty Images
Bus passengers look at a burning barricade lit by pro-democracy protesters in front of the Mong Kok police station on Sunday, September 22.
Pro-democracy protesters sing songs and chant slogans during a rally inside a shopping mall on September 22.
Photos: Hong Kong unrest
Chris McGrath/Getty Images
Pro-democracy protesters sing songs and chant slogans during a rally inside a shopping mall on September 22.
A pro-China supporter, center, is escorted by police after confronting journalists in Hong Kong on September 15.
Photos: Hong Kong unrest
Vincent Yu/AP
A pro-China supporter, center, is escorted by police after confronting journalists in Hong Kong on September 15.
Pro-government and anti-government supporters chant against one another at a shopping mall in Hong Kong on Friday, September 13. The sign translates to "Stop violence and curb chaos; safeguard Hong Kong."
Photos: Hong Kong unrest
Amr Abdallah Dalsh/Reuters
Pro-government and anti-government supporters chant against one another at a shopping mall in Hong Kong on Friday, September 13. The sign translates to "Stop violence and curb chaos; safeguard Hong Kong."
Demonstrators hold up their cell phone lights as they form a human chain at the Peak, a tourist spot in Hong Kong, on September 13.
Photos: Hong Kong unrest
Kin Cheung/AP
Demonstrators hold up their cell phone lights as they form a human chain at the Peak, a tourist spot in Hong Kong, on September 13.
Police escort an injured man after he attacked protesters outside Prince Edward station in Hong Kong on Friday, September 6.
Photos: Hong Kong unrest
Kin Cheung/AP
Police escort an injured man after he attacked protesters outside Prince Edward station in Hong Kong on Friday, September 6.
Protesters burn paper money to pay their respects to injured protesters.
Photos: Hong Kong unrest
Kin Cheung/AP
Protesters burn paper money to pay their respects to injured protesters.
Protesters prepare to clash with police outside the Mong Kok police station on September 6.
Photos: Hong Kong unrest
Anthony Kwan/Getty Images
Protesters prepare to clash with police outside the Mong Kok police station on September 6.
A protester is detained by police at the Po Lam Mass Transit Railway station on Thursday, September 5.
Photos: Hong Kong unrest
Tyrone Siu/Reuters
A protester is detained by police at the Po Lam Mass Transit Railway station on Thursday, September 5.
A man watches televisions at a store in Hong Kong as Chief Executive Carrie Lam announces the withdrawal of the extradition bill on Wednesday, September 4.
Photos: Hong Kong unrest
Vincent Yu/AP
A man watches televisions at a store in Hong Kong as Chief Executive Carrie Lam announces the withdrawal of the extradition bill on Wednesday, September 4.
A woman gets emotional on September 4 while paying her respects to protesters who were injured a few days earlier.
Photos: Hong Kong unrest
Anushree Fadnavis/Reuters
A woman gets emotional on September 4 while paying her respects to protesters who were injured a few days earlier.
Demonstrators travel through a railway station during a rally on Tuesday, September 3.
Photos: Hong Kong unrest
Kyle Lam/Bloomberg/Getty Images
Demonstrators travel through a railway station during a rally on Tuesday, September 3.
Students wearing gas masks and helmets hold a banner that reads "five major demands are indispensable" at St. Francis' Canossian College in Hong Kong.
Photos: Hong Kong unrest
AP
Students wearing gas masks and helmets hold a banner that reads "five major demands are indispensable" at St. Francis' Canossian College in Hong Kong.
Protesters gather in the bus terminal at Hong Kong International Airport on Sunday, September 1. Hundreds of pro-democracy activists attempted to block transport routes to the city's airport.
Photos: Hong Kong unrest
Lillian Suwanrumpha/AFP/Getty Images
Protesters gather in the bus terminal at Hong Kong International Airport on Sunday, September 1. Hundreds of pro-democracy activists attempted to block transport routes to the city's airport.
A passenger walks to the airport on September 1 as pro-democracy protesters blocked a road outside the airport.
Photos: Hong Kong unrest
Kin Cheung/AP
A passenger walks to the airport on September 1 as pro-democracy protesters blocked a road outside the airport.
A protester uses a slingshot outside the Central Government Complex during clashes with police on Saturday, August 31. Thousands of pro-democracy protesters held an anti-government rally one day after several leading activists and lawmakers were arrested in a sweeping crackdown.
Photos: Hong Kong unrest
Chris McGrath/Getty Images
A protester uses a slingshot outside the Central Government Complex during clashes with police on Saturday, August 31. Thousands of pro-democracy protesters held an anti-government rally one day after several leading activists and lawmakers were arrested in a sweeping crackdown.
Protesters light a Molotov cocktail on August 31.
Photos: Hong Kong unrest
Chris McGrath/Getty Images
Protesters light a Molotov cocktail on August 31.
Protesters take cover as policemen fire blue-colored water on them. Blue dye can be used to stain and identify masked protesters.
Photos: Hong Kong unrest
Kin Cheung/AP
Protesters take cover as policemen fire blue-colored water on them. Blue dye can be used to stain and identify masked protesters.
A surveillance camera is covered with white paint during protests.
Photos: Hong Kong unrest
Jae C. Hong/AP
A surveillance camera is covered with white paint during protests.
An overhead view shows protesters reacting after police fired tear gas on August 31.
Photos: Hong Kong unrest
ANTHONY WALLACE/AFP/Getty Images
An overhead view shows protesters reacting after police fired tear gas on August 31.
Pro-democracy activists Agnes Chow and Joshua Wong speak to the media after they were released on bail at the Eastern Magistrates Courts on Friday, August 30. They were arrested earlier the same day in a dragnet across Hong Kong.
Photos: Hong Kong unrest
Lillian Suwanrumpha/AFP/Getty Images
Pro-democracy activists Agnes Chow and Joshua Wong speak to the media after they were released on bail at the Eastern Magistrates Courts on Friday, August 30. They were arrested earlier the same day in a dragnet across Hong Kong.
Protesters clash with police after a rally in Hong Kong's Tsuen Wan district on Sunday, August 25. <a href="https://www.cnn.com/2019/08/25/asia/hong-kong-protest-aug-25-intl-hnk/index.html" target="_blank">It was one of the most violent nights</a> seen in Hong Kong since mass protests began in June.
Photos: Hong Kong unrest
Billy H.C. Kwok/Getty Images
Protesters clash with police after a rally in Hong Kong's Tsuen Wan district on Sunday, August 25. It was one of the most violent nights seen in Hong Kong since mass protests began in June.
A police officer aims a gun in front of a protester on August 25.
Photos: Hong Kong unrest
Lam Yik Fei/The New York Times/Redux Pictures
A police officer aims a gun in front of a protester on August 25.
Some protesters shine laser pointers at police lines on August 25.
Photos: Hong Kong unrest
Kin Cheung/AP
Some protesters shine laser pointers at police lines on August 25.
Protesters pick up bricks to be used as projectiles on August 24.<br />
Photos: Hong Kong unrest
Lillian Suwanrumpha/AFP/Getty Images
Protesters pick up bricks to be used as projectiles on August 24.
Police retreat after clashing with protesters on August 24.
Photos: Hong Kong unrest
Chris McGrath/Getty Images
Police retreat after clashing with protesters on August 24.
Cell phones shine from the top of Lion Rock on August 23.
Photos: Hong Kong unrest
Philip Fong/AFP/Getty Images
Cell phones shine from the top of Lion Rock on August 23.
Protesters march under umbrellas on Sunday, August 18.
Photos: Hong Kong unrest
Billy H.C. Kwok/Getty Images
Protesters march under umbrellas on Sunday, August 18.
Tens of thousands of protesters showed up in the streets on August 18.
Photos: Hong Kong unrest
Anthony Kwan/Getty Images
Tens of thousands of protesters showed up in the streets on August 18.
A protester participates in a march on Saturday, August 17. His eye is covered with red gauze, referencing a woman who was allegedly shot in the eye with a beanbag round during clashes between protesters and police.
Photos: Hong Kong unrest
Vincent Yu/AP
A protester participates in a march on Saturday, August 17. His eye is covered with red gauze, referencing a woman who was allegedly shot in the eye with a beanbag round during clashes between protesters and police.
Protesters point lasers at the Sham Shui Po police station on August 14.
Photos: Hong Kong unrest
Vincent Yu/AP
Protesters point lasers at the Sham Shui Po police station on August 14.
A police officer falls over an airport luggage trolley during a scuffle with pro-democracy protesters on Tuesday, August 13. For two days, <a href="https://www.cnn.com/2019/08/13/asia/hong-kong-airport-chaos-intl-hnk/index.html" target="_blank">protesters flooded the airport.</a> Check-ins were suspended and dozens of outgoing flights were canceled.
Photos: Hong Kong unrest
Manan Vatsyayana/AFP/Getty Images
A police officer falls over an airport luggage trolley during a scuffle with pro-democracy protesters on Tuesday, August 13. For two days, protesters flooded the airport. Check-ins were suspended and dozens of outgoing flights were canceled.
A traveler passes her luggage to security guards as she tries to enter the departures gate.
Photos: Hong Kong unrest
Philip Fong/AFP/Getty Images
A traveler passes her luggage to security guards as she tries to enter the departures gate.
A display board shows canceled flights on August 13.
Photos: Hong Kong unrest
Vernon Yuen/NurPhoto via Getty Images
A display board shows canceled flights on August 13.
Medics look after a woman who received a facial injury during clashes on Sunday, August 11.
Photos: Hong Kong unrest
Anthony Wallace/AFP/Getty Images
Medics look after a woman who received a facial injury during clashes on Sunday, August 11.
A pro-democracy protester is held by police outside the Tsim Sha Tsui police station on August 11.
Photos: Hong Kong unrest
Manan Vatsyayana/AFP/Getty Images
A pro-democracy protester is held by police outside the Tsim Sha Tsui police station on August 11.
Police fire tear gas at protesters during a demonstration in the Wong Tai Sin District on Monday, August 5.
Photos: Hong Kong unrest
Anthony Kwan/Getty Images
Police fire tear gas at protesters during a demonstration in the Wong Tai Sin District on Monday, August 5.
A train passenger gestures toward a protester, right, who was preventing the doors of a train from closing on August 5. The protester was trying to disrupt Hong Kong's morning rush-hour commute.
Photos: Hong Kong unrest
ANTHONY WALLACE/AFP/Getty Images
A train passenger gestures toward a protester, right, who was preventing the doors of a train from closing on August 5. The protester was trying to disrupt Hong Kong's morning rush-hour commute.
A man comforts his pregnant wife near a train platform after protesters blocked the train doors on August 5.
Photos: Hong Kong unrest
Anthony Wallace/AFP/Getty Images
A man comforts his pregnant wife near a train platform after protesters blocked the train doors on August 5.
A protester stands in tear gas during a confrontation with police in the early hours of Sunday, August 4.
Photos: Hong Kong unrest
Elson Li/AP
A protester stands in tear gas during a confrontation with police in the early hours of Sunday, August 4.
A Chinese flag floats in water after it was thrown by protesters during a demonstration on Saturday, August 3.
Photos: Hong Kong unrest
Vincent Thian/AP
A Chinese flag floats in water after it was thrown by protesters during a demonstration on Saturday, August 3.
Members of Hong Kong's medical sector attend a protest in Edinburgh Place on Friday, August 2.
Photos: Hong Kong unrest
Anthony Wallace/AFP/Getty Images
Members of Hong Kong's medical sector attend a protest in Edinburgh Place on Friday, August 2.
The emblem on the China Liaison Office is protected by plexiglass during a demonstration on Sunday, July 28.
Photos: Hong Kong unrest
ANTHONY WALLACE/AFP/Getty Images
The emblem on the China Liaison Office is protected by plexiglass during a demonstration on Sunday, July 28.
A protester flees from baton-wielding police in the Yuen Long district of Hong Kong on Saturday, July 27.
Photos: Hong Kong unrest
Eric Tsang/HK01 via AP
A protester flees from baton-wielding police in the Yuen Long district of Hong Kong on Saturday, July 27.
A protester looks through umbrellas during the clashes with police on July 27.
Photos: Hong Kong unrest
Miguel Candela/SOPA Images/LightRocket via Getty Images
A protester looks through umbrellas during the clashes with police on July 27.
Travelers watch as protesters rally at Hong Kong's international airport on Friday, July 26.
Photos: Hong Kong unrest
Anthony Wallace/AFP/Getty Images
Travelers watch as protesters rally at Hong Kong's international airport on Friday, July 26.
Protesters clash with police on Sunday, July 21.
Photos: Hong Kong unrest
Chris McGrath/Getty Images
Protesters clash with police on Sunday, July 21.
Masked men in white T-shirts are seen after <a href="https://edition.cnn.com/2019/07/23/asia/hong-kong-triad-arrests-intl-hnk/index.html" target="_blank">attacking anti-extradition bill demonstrators</a> at a train station in Yuen Long.
Photos: Hong Kong unrest
Tyrone Siu/Reuters
Masked men in white T-shirts are seen after attacking anti-extradition bill demonstrators at a train station in Yuen Long.
Medical workers help a protester affected by tear gas on July 21.
Photos: Hong Kong unrest
Bobby Yip/AP
Medical workers help a protester affected by tear gas on July 21.
The office of pro-Beijing lawmaker Junius Ho was trashed by protesters in Hong Kong's Tsuen Wan district.
Photos: Hong Kong unrest
Philip Fong/AFP/Getty Images
The office of pro-Beijing lawmaker Junius Ho was trashed by protesters in Hong Kong's Tsuen Wan district.
Police officers use pepper spray to disperse protesters after a rally in the Sheung Shui district on Saturday, July 13.
Photos: Hong Kong unrest
Anthony Kwan/Getty Images
Police officers use pepper spray to disperse protesters after a rally in the Sheung Shui district on Saturday, July 13.
A demonstrator sprays paint inside a chamber at Hong Kong's Legislative Council building, where protesters forced their way in on Monday, July 1.
Photos: Hong Kong unrest
Tyrone Siu/Reuters
A demonstrator sprays paint inside a chamber at Hong Kong's Legislative Council building, where protesters forced their way in on Monday, July 1.
A protester smashes a window of the Legislative Council building.
Photos: Hong Kong unrest
Ritchie B. Tongo/EPA-EFE/Shutters/Shutterstock
A protester smashes a window of the Legislative Council building.
Columns of sunlight are cast on a crowd during the march on July 1.
Photos: Hong Kong unrest
Kin Cheung/AP
Columns of sunlight are cast on a crowd during the march on July 1.
Helicopters carrying the flags of China and Hong Kong fly over demonstrators on July 1.
Photos: Hong Kong unrest
Kyle Lam/Bloomberg via Getty Images
Helicopters carrying the flags of China and Hong Kong fly over demonstrators on July 1.
A police officer uses pepper spray during a clash with protesters on July 1.
Photos: Hong Kong unrest
Anthony Kwan/Getty Images
A police officer uses pepper spray during a clash with protesters on July 1.
A protester wearing a T-shirt with the word "revolution" walks past an inscription on a road that reads "Long Live HK."
Photos: Hong Kong unrest
Kin Cheung/AP
A protester wearing a T-shirt with the word "revolution" walks past an inscription on a road that reads "Long Live HK."
Police detain protesters near the government headquarters in Hong Kong on July 1.
Photos: Hong Kong unrest
Vivek Prakash/AFP/Getty Images
Police detain protesters near the government headquarters in Hong Kong on July 1.
An overhead view shows thousands of protesters marching through a Hong Kong street on Sunday, June 16.
Photos: Hong Kong unrest
STR/AFP/Getty Images
An overhead view shows thousands of protesters marching through a Hong Kong street on Sunday, June 16.
Protesters run after police fired tear gas on Wednesday, June 12.
Photos: Hong Kong unrest
Philip Fong/AFP/Getty Images
Protesters run after police fired tear gas on Wednesday, June 12.
By the morning of June 12, tens of thousands of mainly young people had arrived in the area, blocking streets and bringing central Hong Kong to a standstill.
Photos: Hong Kong unrest
Athit Perawongmetha/Reuters
By the morning of June 12, tens of thousands of mainly young people had arrived in the area, blocking streets and bringing central Hong Kong to a standstill.
A demonstrator holds a sign during the June 12 rally.
Photos: Hong Kong unrest
Dale De La Rey/AFP/Getty Images
A demonstrator holds a sign during the June 12 rally.
Police officers charge toward protesters during clashes on Monday, June 10. It was a continuation of protests that started the day before.
Photos: Hong Kong unrest
Anthony Kwan/Getty Images
Police officers charge toward protesters during clashes on Monday, June 10. It was a continuation of protests that started the day before.
Protesters on June 9 waved placards and wore white -- the designated color of the rally. "Hong Kong, never give up!" some chanted.
Photos: Hong Kong unrest
Dale De La Rey/AFP/Getty Images
Protesters on June 9 waved placards and wore white -- the designated color of the rally. "Hong Kong, never give up!" some chanted.
Students wear chains during a demonstration on Saturday, June 8.
Photos: Hong Kong unrest
Dale De La Rey/AFP/Getty Images
Students wear chains during a demonstration on Saturday, June 8.

It’s a death knell that’s been repeated countless times but never come true.

Since 1997, China has embraced a ruthless brand of capitalism – and concerns have shifted to the erosion of the city’s unique political system, which allows citizens political freedoms unavailable in China. However, so far these haven’t caused Hong Kong’s economy to flinch.

GDP figures have remained strong, the market stable and house prices have continued to soar due to Chinese investment and speculation.

But a controversial bill that would allow extradition to China, which prompted as many as 1 million people protest in Hong Kong on Sunday, could change this for one simple reason.

This time the challenges facing Hong Kong are seen as a direct threat to its business community.

“The main concern is that the extradition law will expose foreign executives based in Hong Kong to the capriciousness of mainland China’s justice system,” said Duncan Innes-Ker, Asia regional director at the Economist Intelligence Unit.

Under the new bill, business people fear they could be grabbed from Hong Kong by Chinese authorities for political reasons or inadvertent business offenses, undermining the city’s semi-autonomous legal system.

“The credibility of Hong Kong is now on the line,” Tara Joseph, president of the American Chamber of Commerce, said this week.

How much risk is worth it?

In recent weeks, foreign business groups – which usually take a neutral stance on contentious political issues – have come out against the law. In private, executives have been lobbying against it, warning lawmakers it could harm Hong Kong’s reputation as a safe harbor in which to base their China and Asia headquarters.

An executive at a major international firm based in Hong Kong, who requested not to be named due to sensitivities around criticizing the government, acknowledged that “international businesses have always faced some degree of risk when operating outside of their home country.”

“(But) Hong Kong’s value has been in its ability to mitigate those risks through the rule of law, freedom of speech, freedom of the press and an independent judiciary,” he explained.

He added that international business leaders in Hong Kong will need to evaluate how much extra risk they feel the extradition law will pose to their businesses and weigh that against alternative business locations.

With its punishingly expensive office space, Hong Kong is already facing competition from other regional hubs for international investment. Singapore has emerged as a strong rival, along with Chinese cities such as Shanghai and Shenzhen.

06:40 - Source: CNN
'I am calling on HK people to think of smarter ways to fight,' says Denise Ho

In a bid to secure the support of the business community, the government has limited the scope of extraditable offenses – but for some that is still not enough.

If Hong Kong’s respected legal system is tarnished, firms may question why they shouldn’t quit the city and base their business in mainland China, where costs are often far lower – or open a small Chinese office and put their headquarters in another Asian financial hub like Singapore.

Innes-Ker said that was unlikely to happen immediately, but could be the “long-term direction of travel.”

However executives from countries with “particularly tense relations with China” – such as the US – “may start to shun travel to Hong Kong”, he added.

China has a history of retaliating against foreigners for apparently political purposes. Following the detention of Huawei executive Meng Wanzhou in Canada on allegations of sanctions busting, Chinese authorities detained two Canadians, Michael Kovrig and Michael Spavor, and has held them ever since on espionage charges, though Beijing denies the cases are connected.

Business on strike

While large international conglomerates have been cautious about speaking out publicly against the extradition bill, allowing chambers of commerce to do so on their behalf, small businesses have been increasingly vocal this week.

More than 100 firms have said they would shut doors Wednesday to protest the bill and allow employees to join a rally outside the legislature. Trade unions have also suggested they might call on members to stop work in protest.

“As a small businessman, I believe strike is the most effective way … to voice my appeals,” said Conrad Wu, of removals company Call4Van. “I call on other shops to join the strike as only a large-scale action can raise the awareness that Hong Kong people will not tolerate the extradition law.”

AbouThai, a beauty retailer with 13 branches across Hong Kong, said in a statement that “we can earn back profit lost on that day, but we cannot save Hong Kong once we lose it.”

02:07 - Source: CNN
Organizers say over one million marched in Hong Kong

Lee Cheuk-yan, general secretary of the Hong Kong Confederation of Trade Unions, said that “small businesses, the business man on the street, are very angry, they want to scrap the bill.”

Under Hong Kong’s semi-democratic system, business organizations control a number of seats in the legislature and Lee said companies could potentially sink the bill if they could convince their representatives to drop support for it.

“That is very crucial in changing the whole balance of power in (the legislature),” he said. “It really takes employers and businesses to go back to their organizations and tell them to stop the bill, and they can do that.”

While more protests are expected Wednesday, and opposition lawmakers will do everything they can to derail the bill, most expect it to pass. The government has shown no signs of backing down.

If the worst predictions of the bill’s critics come true, then warnings about death of Hong Kong may be validated.

“The bill opens up the floodgates and barrier between the Hong Kong and Chinese legal system,” said Kevin Yam, a partner at a leading Hong Kong law firm. “If that happens, then that is going to have a huge impact on business confidence in Hong Kong.”

That, he said, was “absolutely essential to all of our prosperity as a city.”

CNN’s Andrew Stevens, Vanessa Yung and Zoe Sottile contributed reporting.