Hong Kong leader Carrie Lam will on September 4 announce the formal withdrawal of a proposed extradition bill that started three months of protests. The withdrawal of the bill, which would have permitted Hong Kong residents to be sent to mainland China to face the trial, is one of the main concerns of pro-democracy protesters who have plunged the former British colony into its deepest crisis in decades. According to a foreign media report, Lam is slated to meet the members of her cabinet and pro-Beijing lawmakers as she has been facing pressure to withdraw the bill.

Consequences of the withdrawal 

The dissents in the previous British province started in June over the bill, which would have allowed extradition in mainland China where courts are constrained by the Communist Party, however, have since advanced into a push for a more democratic government. Hong Kong's benchmark Hang Seng Index increased on the Sensex after the report, trading up to 3.3%. The property index additionally displayed an increase of 6 percent. The withdrawal of the draft legislation was seen as of the protesters' key demands. Lam has said before that the bill was "dead" but she did not execute the withdrawal.

The decision will mean that the pro-China government is finally acceding to one of the five demands of the protesters, who took to the streets over the past 13 weeks to voice their opposition to the legislation and the governance of the city.

The protestors have been demanding the formal withdrawal of the bill as well as setting up of a commission of inquiry to investigate police conduct in tackling the protests. They also demanded amnesty for those who have been arrested and restart the city's stalled political reform process.

READ: Hong Kong: Hundreds Rally On 13th Weekend Of Pro-democracy Protests

"One country, two systems"

Hong Kong was returned under China under a "one country, two systems" formula. This equation enables it to keep opportunities not enjoyed in mainland China. These opportunities are the freedom to protest and an independent legal system. Subsequently, there was an outrage at the extradition bill and witnessed the increasing influence by Beijing over the protestors. 

READ: Hong Kong Democracy Activists Get Bail, Protest March Banned

Concern for national security

A global media report suggested that Lam in a statement told the business leaders that she has caused "unforgivable havoc" by bringing the extradition bill and that if a choice is given she would apologize and resign from her post. This was revealed in a leaked audio recording. The unrest and consistent protest have become a concern for the national security and sovereignty issue for China. Lam acknowledged that she has a “very limited” room left to resolve the issue. One cannot deny that this crisis arises in the midst of rising strains with the United States. Lam's comments are reliable with a media report distributed on Friday that uncovered how leaders in Beijing were adequately giving orders on taking care of the emergency. 

READ: China Stations Its Military In Semi-autonomous Hong Kong Amid Protests

READ: Hong Kong Protests: G7 Countries Take On China, Say 'avoid Violence'

 (With inputs from ANI)