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Hong Kong's embattled leader will reportedly announce withdrawal of the bill that sparked protests – CNBC, CNBC

Hong Kong's embattled leader will reportedly announce withdrawal of the bill that sparked protests – CNBC, CNBC


Hong Kongleader Carrie Lam has told a group of lawmakers that she will withdraw the contentious extradition bill that has sparked months of mass protests, a source told CNBC.

Lam is expected to make a public announcement at 6: 00 pm local time on Wednesday. The same source told CNBC that she will not start an independent inquiry into actions of the police.

A full withdrawal of the bill is one of five demands that protesters have been fighting for.

The proposed bill would have allowed people in Hong Kong to be extradited to mainlandChinafor trial. Despite Lam’s suspension of the bill in July, protesters continued to rally. On Sunday, the city saw it’smost violent daysincemass protests broke out in early June.

TheHang Seng indexin Hong Kongsoared more than 4% during Wednesday afternoontrade following reports the bill will be withdrawn.

The reported meeting comes a day after Lamquelled rumors of Beijing’s rejection to her resignation.She said on Tuesday she had never asked the Chinese government to let her resign to end Hong Kong’s

Hong Kong was a British colony until, when it became a special administrative region of China under the “one country, two systems” framework which allows the territory a certain degree of legal and economic autonomy. There are rising concerns among the ct the territory’s citizens are now concerned that their civil rights are being eroded under Beijing’s rule.

Hong Kong protesters released their five demands in July. The demands include the following:

  • fully withdraw from a proposed bill that would allow Hong Kong people to be extradited to mainland China
  • retract any characterization of the movement as a “riot”
  • drop all charges against anti-extradition protesters
  • set up an independent committee to investigate the use of force by Hong Kong police
  • universal suffrage in elections for the city’s chief executive officer and legislature by 2020.

– CNBC’s Vivian Kam contributed to

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