Decades of apprehension over Hong Kong’s long-term viability have surfaced repeatedly, underscoring deep-seated anxieties about the city’s destiny. In February 2024, Stephen Roach, former Morgan Stanley Asia chair, ignited controversy by declaring “Hong Kong is over,” highlighting a convergence of domestic and external challenges. Roach reiterated his warning last year, pointing to diminished political autonomy following the 2020 national security law, the adverse effects of mainland China’s economic stagnation, and Hong Kong’s precarious position amid US-China tensions.
Contrary to Roach’s pessimism, Hong Kong’s leadership has mobilized to challenge this narrative. The city recently claimed the top spot for IPO fundraising and secured a high ranking in the Z/Yen Global Financial Centres Index, trailing only New York and London. These achievements fuel the “Hong Kong is back” campaign, emphasizing resilience and adaptability in a shifting global economy.
At the heart of this debate lies a pivotal question: How can Hong Kong sustain its status as a premier financial hub amid evolving capital flows, geopolitical fragmentation, and regulatory changes?Anthony Cheung, a public administration professor at the Education University of Hong Kong, argues that the city must redefine its role. As its traditional bridge between China and global markets weakens, Hong Kong’s institutional strengths and wealth accumulation capacity offer new pathways to maintain relevance.
