The original press release is available on the Boston College web site.
The sapping of steam in Hong Kong’s protest movement may be bad news for the thousands who have been pushing the pro-democracy message, but it’s good news for Hong Kong business, as one of the world’s top financial sectors can finally proceed without the uncertainty and distraction the massive unrest had been presenting to the world’s investors.
“The last two weeks have been an economic battlefield for Hong Kong,” says Greg Stoller, a lecturer at the Carroll School of Management at Boston College and expert on the Asian economy. “International commerce is challenging enough on its own, and no one wants to continue doing business in a region, especially when political unrest is involved. As one of the world’s key financial centers, Hong Kong’s protests have adversely affected Western financial markets.”
After 11 days of disrupting day-to-day life, the protests are beginning to dwindle after pro-democracy groups have agreed to talks with representatives of Hong Kong’s government over demands for democratic elections. The issue has been China’s decision to pre-approve a slate of candidates in Hong Kong’s 2017 elections, even though citizens in this former British colony were promised free elections that year.
“The return of government workers is a harbinger of good economic news,” says Stoller, who has visited China more than 40 times since 1991. “With Hong Kong’s strong 1st half GDP performance, I’m hopeful things will get back to normal soon. The whole point of ‘One Country, Two Systems,’ is to allow Hong Kong to do what it does best, economically.”
“One of Chinese President Xi Jin Ping’s priorities during his initial term in office is to increase mainland China’s domestic consumption, in connection with his broader effort to improve China’s economy,” continues Stoller, who speaks, reads and writes Mandarin. “With Hong Kong as one of the world’s best places to do business, Beijing will want to toe the line of Hong Kong’s status quo from a financial standpoint. Hong Kong has its own set of laws, a different currency and is a true gateway into the Pacific Rim, and protests are simply bad for business.”
For commentary, analysis, and perspective:
Greg Stoller, Lecturer, Carroll School of Management
(617) 552.6828 (o); (617) 538 3333 (cell); gregory.stoller@bc.edu
Greg Stoller is a lecturer who is actively involved in building entrepreneurship and international business programs at Boston College. He is the director for the core M.B.A. business planning course, the Asian International Management Experience Program, and the Asian International Consulting Project and routinely travels to Asia with MBA students who get a first-hand look at businesses there. Stoller is a published author of the book Strategies in Entrepreneurial Finance with Accompanying Case Studies, along with business articles detailing the successful practices of U.S. and international firms. He is a reporter, contributor and periodic co-host of the broadcast Radio Entrepreneurs and co-creator/host of the nationally aired television show, The Language of Business. Professor Stoller also regularly works with the press providing commentary and analysis on domestic and international business issues. He speaks, reads and writes fluent Japanese, Mandarin Chinese and French, and basic Cantonese Chinese, Korean and Spanish.
Media Note: For assistance or to request a source on another topic, please contact Sean Hennessey, BC Office of News & Public Affairs: 617-552-3630 (o); (617) 943-4323 (c); or sean.hennessey@bc.edu
Contact information for additional Boston College faculty sources on a range of subjects is available at:http://www.bc.edu/offices/pubaf/journalist/experts.html
(Photo above re-printed with permission).
