Hong Kong remains at a near standstill as pro-democracy protesters clamoring for the island's universal suffrage refuse to back down despite attempts from riot police to do so.

Last month, China decreed that Hong Kong would be allowed to elect its own leader in 2017 under the condition that it would vet the candidates based on their loyalty to Beijing.

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Pro-democracy activists were outraged at the decision and called it a "fake democracy." Thousands of protesters took to the streets to signify their discontent as demonstrations escalated to new highs in what could be the worst unrest Hong Kong has seen since the handover to Beijing in 1997.

At dawn, protesters held their ground and retained control of at least three of the island's major thoroughfares after withstanding barrages of tear gas and clashes with police overnight.

Demonstrators have complained against the police's use of tear gas, but authorities claimed their conduct called for the use of such and called the ongoing rallies unlawful.

Thousands of commuters were faced with traffic disruptions with over 200 bus routes rerouted or cancelled. And while a number of underground train routes were declared operational as of this morning, substantial sections of the train's network were suspended due to the blockages caused by the vast crowds of protesters in the city.

"We are more confident now, the police don't have enough officers to close down the districts where there are protests," said 27-year-old Ivan Yeung, a protester in Causeway Bay's shopping district.

In Mongkok, one of Hong Kong's more populous cities, pro-democracy protesters and Mongkok locals engaged in heated confrontations over the disruption caused by the demonstrations.

The Hong Kong Stock Exchange has opened, but experienced a 1.18 percent decline attributed to concerns over the likely damage the demonstrations would have on key markets with 17 banks closing offices and branches across the island.

Last night, Hong Kong chief executive Leung Chun Ying appealed to pro-democracy activists to peacefully withdraw from the streets to allow Hong Kong citizens to resume their daily lives.

He also quelled rumors on social media that authorities were planning to deploy the People's Liberation Army to dispel the crowds on the streets, adding that there was no proof of such.

To date, 41 people have been injured while 78 were arrested during the protests.

TagsHong Kong, occupy central, pro-democracy, Transfer of sovereignty over Hong Kong, Politics of Hong Kong