Similar Stories to Hong Kong Protests Hit City's Role As Finance Hub on Bing News

HONG KONG (AP) — Shops in Hong Kong have closed and the local stock market has plunged but protesters are gambling their agitation for greater democracy will pay off by preserving institutions that made this former British colony a profitable asset to China. In the latest blow, mainland authorities on Wednesday suspended group tours to Hong Kong, cutting a critical source of revenue to its growing travel industry. Protests erupted after the communist Beijing government announced candidates in the first direct election of the territory's chief executive in 2017 would have to be approved by a panel dominated by business leaders allied with the mainland. [...] that prosperity depends on an independent, Western-style legal system and civil liberties Beijing promised to preserve through 2047. The strong reputation of its regulatory and legal systems have helped them raise billions of dollars through its stock market from foreign investors. A question for investors is whether the territory "can resolve its political issues so that we have a government that commands basic popular consent to implement economic and structural policies," said Andrew Colquhoun, head of Asia-Pacific ratings for the Fitch ratings agency, in a report. A statement read on the mainland's state TV on Wednesday called on Hong Kong residents to support efforts to "restore social order."