Hong Kong protesters plan biggest demonstration yet as government warns economy collapsing

Hong Kong protesters have vowed the biggest mass flash mob yet, as the government announced relief for more than a million residents after the local economy took a massive hit.

The Hong Kong government has announced tax cuts and aid packages for more than a million residents as the 10-week protest crisis takes its toll on the one time powerhouse of the Asian economy.

The shock announcement came as protesters vowed the biggest mass flash mob of more than one million people this Sunday and France’s famed Spider-Man Alain Robert scaled a skyscraper in the financial district to unfurl a banner “of peace”.

The territory’s financial secretary Paul Chan has cut this year’s official growth forecast to zero to 1 per cent from 2 per cent to 3 per cent, which could be the worst performance in a decade, during the global financial crisis.

MORE ON HONG KONG:

Cathay Pacific boss quits amid HK protests

Aussie expats’ defiance amid Hong Kong violence

How Hong Kong protests will hurt Australia

Frances’s famed Spider-Man secures a banner showing shaking hands below a depiction of the Chinese and Hong Kong flags. Picture: AFP

The local economy was already suffering by 10 weeks of anti-government protests, and the trade dispute between China and the US, that has brought business to a standstill.

Mainland visits which amount to 80 per cent of travellers have fallen up to 50 per cent and foreign tourist travellers dropped 31 per cent, from during the same time a year ago.

The retail sector has also reported a 6.7 per cent plunge.

Under the tax cuts, 1.3 million taxpayers will have their taxes waived, the government will increase payments for elderly and low-income residents and provide subsidies to small businesses and parents of schoolchildren.

“The recent social incidents have hit the retail trade, restaurants and tourism, adding a further blow to an already weak economy,” he said.

A protester attempts to kick a tear gas canister during a demonstration on Hungry Ghost Festival day in Sham Shui Po district in Hong Kong. Picture: Getty Images

He added the cuts would “provide impetus for our economy and help cushion the enterprises and people of Hong Kong against challenges”.

Unswayed, activists are planning to hold a major rally on Sunday, which is being billed as a “rational, nonviolent” protest designed to show the movement still maintains broad public support after what protesters have called “regretful” protests at the international airport which turned violent and saw more than 1000 flights cancelled stranding thousands of travellers at the busy hub including to and from Australia.

Tomorrow activists have vowed to gather in two harbourside districts popular with mainland Chinese tourists despite police banning their proposed marches, ahead of the major march on Sunday.

Trucks and armoured personnel carriers are seen outside the Shenzhen Bay stadium in Shenzhen, bordering Hong Kong. Picture: AFP

The famed 57-year-old adventurer Robert said he decided to climb the 68-storey Cheung Kong Center in the territory’s main business district to ease tension.

“Perhaps what I do can lower the temperature and maybe raise a smile, that’s my hope anyway,” Robert said in a statement before he climbed the building and unfurled the shaking hands image with the flags of the territory and mainland.