China’s State-Owned Firms Ordered To Take Control of Hong Kong Industries, Report Says

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The Chinese government has ordered its state-owned enterprises to take over key sectors in the Hong Kong economy as protests have paralyzed city for months, according to a report by Reuters.

 

The government ordered a meeting in Shenzhen where the heads of China’s top state-run firms were in attendance.

The Chinese organizational body State-Owned Assets Supervision and Administration Commission (SASAC) urged the firms to help stabilize and aid key industries in Hong Kong by investing and taking control of the firms, according to the report.

 

The Hong Kong economy has been crippled by pro-democracy protests for the past 15 weeks.

Hong Kong authorities have cut its 2019 GDP growth forecast to zero to one percent for the economy that has most likely already slumped into recession.

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