For decades, warnings of Hong Kong\u2019s terminal decline have arrived in periodic waves.<\/p>\n
When Stephen Roach, the former chairman of Morgan Stanley Asia, ignited a firestorm with his February 2024 assertion that \u201cHong Kong is over\u201d<\/a>, he pointed to a toxic cocktail of domestic and external pressures.Roach, who doubled down on his \u201cwake-up call\u201d a year ago<\/a>, argued that the city\u2019s economic glory was being extinguished by a loss of political autonomy following 2020\u2019s national security law<\/a>, the spillover from mainland China\u2019s protracted malaise, and the city\u2019s precarious position in the crossfire of Sino-US tensions.<\/p>\n Despite the prominent American economist\u2019s perceived gloom, the \u201cHong Kong is back\u201d camp \u2013 led by a defiant local government \u2013 is wielding evidence to the contrary. The city claimed the IPO fundraising crown last year and ranked behind only New York and London in the latest Z\/Yen Global Financial Centres Index.<\/p>\n Behind the heated debate lies a fundamental question: in an era defined by shifting capital flows, geopolitical fragmentation and evolving regulatory frameworks, how can Hong Kong keep shining as a globally leading financial centre?<\/p>\n \u201cHong Kong must adapt to a changing world order,\u201d said Anthony Cheung, chair professor in public administration at the Education University of Hong Kong. As the city\u2019s traditional intermediary role between China and global markets erodes, he argued, it must rely more explicitly on its institutional strengths to recalibrate its competitive position.<\/p>\n A shrinking moat in the wake of China\u2019s rise<\/p>\n","protected":false},"excerpt":{"rendered":"For decades, warnings of Hong Kong\u2019s terminal decline have arrived in periodic waves. When Stephen Roach, the former…\n","protected":false},"author":3,"featured_media":920134,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[12],"tags":[30521,128462,64,21767,74,80420,79,224022,9371,8464,158085,21236,2676,371484,17709,405,23134,67,132,68],"class_list":["post-920133","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-alibaba","tag-belt-and-road-initiative","tag-business","tag-byd","tag-china","tag-dji","tag-economy","tag-education-university-of-hong-kong","tag-greater-bay-area","tag-hong-kong","tag-hong-kong-monetary-authority","tag-huawei-technologies","tag-london","tag-morgan-stanley-asia","tag-nasdaq","tag-new-york","tag-singapore","tag-united-states","tag-unitedstates","tag-us"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/116882583389499223","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/920133","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=920133"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/920133\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/920134"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=920133"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=920133"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=920133"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}