Demonstrations against limits on free speech may lead to renewed consideration of the benefits of democracy.When Chris Patten, the last governor of Hong Kong, used to traipse over to China in pre-handover days, he was sneered at as “Fat Pang”. His calls for more democracy in Hong Kong were deemed at best irrelevant, at worst counterproductive – at least by the business community. The former colony was all about making money, said its denizens. As long as the rule of law continued to be observed under Chinese administration as it had under UK administration, and no impediments to business were introduced, Western-style democracy was unnecessary.

However the events of July represent a watershed. Watering down the controversial anti-subversion law, Article 23, which sparked the well-attended protests, is no longer enough. When a top businessman like James Tien, leader of the pro-business Liberal party, resigns rather than vote for it, and when other top figures like David Li, who represents the financial community in the Legislative Council, express serious concerns publicly, a sea change is happening.

Although a number of businessmen have kept their heads down, enough of the great and the good have stood up to be counted, despite what this might mean for their business prospects on the mainland. Opposition to curtailment of free speech has become embroiled in calls for more democracy.

The lacklustre economy is undoubtedly an added factor of discontent. The half a million people out on the streets on July 1 might have been less prone to demonstrations if as estimated 40% of the middle class in Hong Kong were not trapped with negative equity in their properties.

Tung Chee-hwa failed to handle the crisis well. The territory’s chief executive – chosen by his peers and the Chinese government – cannot be pushed out immediately. This would be seen as giving in to the calls for more democracy (not a popular move with the mainland’s administration) and would involve too much loss of face. But whoever is chosen as his successor at the end of the year or early next year will have a much tougher job reconciling two systems in one country.

PLEASE ENTER YOUR DETAILS TO WATCH THIS VIDEO

All fields are mandatory

The Banker is a service from the Financial Times. The Financial Times Ltd takes your privacy seriously.

Choose how you want us to contact you.

Invites and Offers from The Banker

Receive exclusive personalised event invitations, carefully curated offers and promotions from The Banker



For more information about how we use your data, please refer to our privacy and cookie policies.

Terms and conditions

Join our community

The Banker on Twitter