Fitch Ratings, an international rating agency, said that the continuous social resistance activities in Hong Kong have brought downside risks to economic growth. Social unrest and distrust against the government may damage business trust, and weaken the quality and effectiveness of government administration, though it is not likely to cause substantial effect on the government's fiscal reserve in the short term.

Fitch believes that the recent escalation of social activities reflects an increase in social and political differences, mainly due to rising living costs, economic inequality, and most importantly, concerns about the erosion of autonomy under the one country, two systems. An increasing number of people are dissatisfied with the police's severe reaction, public objections and the government's inability to resolve public concerns, which may have long-term effects on business confidence.

Although Hong Kong has a strong fiscal reserve and the economy is flexible, Fitch's test on the effectiveness of Hong Kong's governance and the rule of law-related rating shows that respective ratings of Hong Kong and China are becoming similar. Although the previous rating of Hong Kong is higher than that of China mainly due to differences in governance standards, the rule of law, policy framework and commercial supervision is different, the further entanglement of institutional and regulatory frameworks of the two, despite the likely enhanced economic opportunities as a result of eliminated supply-chain constraints, will inevitably draw the two closer in terms of ratings.

The international response to recent events in Hong Kong may also affect Hong Kong's credit rating. Fitch pointed out that although under the US-Hong Kong policy act Hong Kong is regarded as a customs system independent of China, the US Congress may require annual certification of Hong Kong's autonomy. The current tensions may undermine the international community's perception of Hong Kong as a stable business center.