The pro-democracy protests in Hong Kong have been going on for over five months now, and the political turmoil has resulted in a recession in the city. This is the first recession since the 2008 financial crisis. The city’s embattled leader Carrie Lam said that she would focus on housing and land issues as she prepares for an annual policy address before the legislative council.
Protests that started to oppose an extradition bill escalated to much more. The protests have become about the democracy of Honk Kong and have gained international attention. The economy of the city has slumped down to record lows. Earlier, the protesters also announced a run on Chinese banks to show resistance to authorities.