HONG KONG (Kyodo) -- Hong Kong's largest pro-democracy party said Thursday it is considering dissolution after years of mounting pressure from Beijing, a move that would end more than 30 years of activity by the group now excluded from the city's political system.

The Democratic Party is weighing the decision amid ongoing setbacks under the Beijing-imposed national security law, implemented in June 2020 to crack down on dissent in the city following large-scale protests against an extradition bill in 2019.

Several party members have faced arrest, detention or harassment, including threats against their families. The party's potential dissolution highlights efforts by Beijing to reshape Hong Kong's political landscape, leaving the pro-democracy movement increasingly fragmented.

The party, once a dominant force in Hong Kong politics, stated that its Central Committee has formed a task force to oversee the dissolution process should it move forward, with a final decision to be made by its 400 members at a general meeting.

Chairman Lo Kin-hei, who will lead the task force, told reporters the decision was a "collective choice" influenced by the current political environment, emphasizing that while discussions were open, disbanding seems inevitable given the party's declining influence.

The party reportedly incurred a deficit of HK$2.1 million ($270,000) in the 2023-2024 fiscal year, with net assets exceeding HK$9.35 million. Its constitution mandates that remaining assets be donated to organizations or charities aligned with its mission.

Founded in 1994, the party played a pivotal role in advocating for democracy, securing significant electoral victories in the late 1990s and early 2000s. However, its influence has waned since Beijing began to exert more control over Hong Kong.

Since 2021, following a Beijing-mandated electoral overhaul, pro-democracy candidates have effectively been barred from running in elections.

The party has not fielded candidates in elections since 2020 and currently holds no seats in Hong Kong's Legislative Council or district councils.

If the party dissolves, only a few pro-democracy organizations, such as the League of Social Democrats, will remain active, marking a significant retreat for organized opposition as Beijing continues to tighten its grip on the city.