HONG KONG BEGINS MOVING WEALTH OFFSHORE
Fears over the hated extradition bill, whose introduction the Hong Kong government has only suspended but declined to withdraw, are causing the wealthy to start moving their capital from Hong Kong to offshore.
People in Hong Kong vehemently oppose a proposed bill, which would give authorities the power to deport those suspected of crimes to mainland China.
In protest, Hongkongers have been staging massive street demonstrations for several days, with varying degrees of violence. These demonstrations have caused widespread alarm, particularly for both government and business.
On June 10, 2019, the US State Department warned that “the amendments could damage Hong Kong’s business environment and subject our citizens residing in or visiting Hong Kong to China’s capricious judicial system.”