Another HK'er here. This has been a really interesting week for me. I've been here five years and this is the first time I've become aware of my local friends' and colleagues' political views. Normally, people just don't discuss it. One thing that is very apparent, which I really didn't expect, is that it is very unclear how widespread the call for democracy is. Certainly there is a significant minority (if not majority) who are not unhappy with less than universal franchise and are broadly supportive of HK's eventual reabsorption into the mainland, whether this is due to accepting the inevitable or because they think it's a better way forward. So that was quite a revelation. I discussed this with a friend who's a professor of political science and she said it's highly possible, even under full suffrage, that HK would return a pro-mainland Chief Exec.
Anyway, where we are now is that we have had 4 days of continuous occupation of various sites within central HK with no violence or clashes between police and protesters at all. It is very clear that the government strategy is simply to wait it out, assuming things don't escalate, because the protestor numbers are already waning, and it could all fizzle out in a few more days (I think Monday 6th will be the test). People have been quite excited by all this (not much happens in these parts ), enjoyed doing their supply trips down to the trenches, and understanding of the fact that schools in central HK have been closed, they can't get to work etc, but patience is wearing a little thin in certain quarters. People like taxi drivers/ shop keepers are struggling to make a living this week.
I think that it's very unclear what, if anything, can be gained from continuing the protest now. It's been a huge PR success to date for the protesters but Beijing will not compromise at all whilst this is ongoing. It's not the Chinese way. The protestors have to offer a way out so that they can save face (this is seen as a Chinese thing but I think it's pretty universal actually- always better to let the one that needs to offer a better deal pretend it was their idea). Beijing have seen first hand that there is a pretty significant unhappy contingent. They may therefore be inclined to look for a greater concession, or they may not, but people sitting in central isn't going to be a factor in that. One of the challenges they have is that (IMO) China cannot cope with democracy right now (or possibly ever - too big). It would be a disaster of USSR proportions. China has changed. It has undergone massive reform, and that is too slow for many, but even it's greatest critics admit that it has come a long way. Whether it will become a full democracy on western lines remains to be seen, but it cannot concede democracy to HK at present without bringing a whole lot of trouble on itself.
On balance, I do not think the protests will become violent unless the students do try to occupy government buildings, and even then I think it will just be pepper spray and a less than gentle hauling into a van, not a bullet through the chest. I also think the western media has been quite irresponsible in reporting. Yes, tear gas was used on Sunday (widely condemned locally). It has not been used since and riot police were withdrawn early on Monday morning, but CNN and Sky keep showing footage of Sunday's confrontations with "Breaking News" underneath it, implying that it's ongoing, and from tweets I've seen, people in the UK are getting that impression.