Philippe Lopez | AFP | Getty Images  Demonstrators supporting the 'occupy central' movement display placards asking residents to cast ballots for the referendum on three proposals outlining rules for the chief executive election.  Hong Kong is among Asia's most competitive economies. It ranks fourth globally in terms of competitiveness, after the United States, Switzerland and Singapore, according to 2014 "IMD World Competitiveness Yearbook".  But potential instability caused by the civil movement could weigh on Hong Kong's ability to remain China's most competitive city, the Center for City and Competitiveness from the Chinese Academy of Social Sciences said. It ranked Hong Kong as China's most competitive city in its "2014 China Urban Competitiveness Report."  To combat potential disruptions, the Hong Kong Monetary Authority conducted an emergency drill with 55 banks last week, the South China Morning Post reported.  Read MoreInvesting in China: A Catch-22?  Companies like Swire have also prepared contingency plans.  "'Occupy Central' concerns us," said Swire Chairman John Slosar. "For a small city like Hong Kong, it's important that we have a good business climate and a rule of law. Anything that threatens to destabilize that is ultimately not in Hong Kong's interest."  The Hong Kong General Chamber of Commerce, together with four other business chambers representing Canada, Italy, Bahrain and India, also sounded warnings that demonstrations may "cripple businesses."  However Emily Lau, Chairwoman of the Democratic Party, says fears have been overblown.  "I have talked to a number of business people, they are quite relaxed. There will be people who have scuffles with the police but the organizers have said it will be peaceful and we are supporting that," Lau told CNBC Asia's "Squawk Box" on Monday.
As a pro-democracy movement gains steam in Hong Kong, some worry the campaign could hurt the city's competitiveness and rattle its financial market.