‘Occupy Central’ reveals Hong Kong’s underlying strains: growth isn’t the only concern

This article is a rewrite of a report from August 2012.

Central is Hong Kong’s political and commercial heart; the two bronze lions outside HSBC’s headquarters symbolise the financial sector. In 2011, a group of young people “moved into” the open plaza beneath HSBC’s headquarters, echoing America’s “Occupy Wall Street” — Hong Kong’s “Occupy Central”.

What was ‘Occupy Central’ about?

A scatter of grievances, no concrete programme. Some opposed capitalism, others international banks, high property prices, the government — one group simply opposed the MPF. HSBC adopted a “don’t care” strategy and never evicted the demonstrators; after a week or two of local coverage, the campaign faded from view. It resurfaced only when HSBC went to court for an eviction order — which it won, though many demonstrators vowed to stay.

Why did HSBC handle it so deftly?

Clearing the plaza on day one would have provoked resistance and ugly headlines; giving demonstrators time to air demands let the episode cool peacefully. The author, then a business school dean, credited HSBC with high political wisdom: surviving in markets takes earnings and a business model — plus political awareness.

What warning did it sound?

Unlike the US, Hong Kong never turned on “fat cats” with the same fury — after the subprime crisis, Wall Street bonuses sparked outrage while Hong Kong’s financiers drew no such protests. Yet ‘Occupy Central’ exposed extreme views among some youth — a warning signal for a city proud of its growth focus: development is not young people’s only concern, and the government needed to address the radical voices. Finance and politics, from then on, could not be separated.