Hong Kong leader Carrie Lam says she never tendered her resignation to China over the anti-government protests because that would be the "easy way out".
Hurt by the plunge in US-Chinese trade, growth was already declining in Hong Kong this year before anti-government protests erupted over a proposed extradition law and other grievances.
Hong Kong faced major disruptions to business as general strike paralysed parts of the Asian financial centre, with more than 100 flights cancelled.
Hong Kong witnessed another huge anti-government march with seemingly no end in sight to the turmoil engulfing the finance hub, sparked by years of rising anger over Beijing's rule.
Police in Hong Kong have cleared a crowd of protesters gathered outside the city's legislature after several hundred broke into the building and spray-painted pro-democracy slogans on the walls.
Organisers say "almost two million" people turned out for mammoth protest in a vehement show of opposition to proposed legislation that has stoked fears of expanding control from China.
The Hong Kong government was forced to delay the start of a legislative session on the contentious extradition bill as protesters massed outside the chamber and government headquarters.
Hundreds of thousands protest new laws that allow the extradition of convicts to other Chinese territories.
The city's pro-Beijing leaders are pushing a bill through the legislature that would allow extraditions to any jurisdiction with which it does not already have a treaty — including mainland China for the first time.
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