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Collapse of Hong Kong economy would hit Hungary

Public protests have been running in Hong Kong for almost three months now, news portal CNN notes. Although the protests endanger the entire economy of the island state, the greatest harm is to the financial and logistic sectors, Hungarian news site napi.hu adds.

Some 263,000 workers employed in Hong Kong’s financial sector generate 18.9% of the total GDP.

Economic ties between Hong Kong and Hungary have continued to develop in recent years; Edward Yau Tang-wah, the head of the city’s trade agency, visited Budapest this spring. He said that Hungary is the 30th biggest trade partner of Hong Kong: the volume of bilateral foreign trade doubled in 2018, reaching USD 2.319 trillion.

Protests began in June, sparked by a controversial bill that would have allowed extradition to mainland China. Although the bill has since been suspended, protesters’ demands have evolved and expanded to include Chief Executive Carrie Lam’s resignation, the full withdrawal of the bill, and universal suffrage, CNN reports.