As I see it | Hong Kong is no longer a Western playground โ€“ and itโ€™s not looking back



When it comes to bad prognostication, no one can beat Fortune, which came up with the mother of all โ€œHong Kong is doomedโ€ narratives. In June 1995, the magazine ran its infamous โ€œThe Death of Hong Kongโ€ cover story, predicting its demise following the 1997 handover to China.

Stephen Roach, veteran China watcher and former chairman of Morgan Stanley Asia, seems determined to follow in its footsteps.
In 2024, Roach caused a stir by proclaiming โ€œHong Kong is overโ€ in the Financial Times. He was forced to correct himself next year, albeit only a little, when the city recovered its No 1 spot in the global IPO ranking. Last month, he came back for more with another commentary titled, โ€œYes, the Hong Kong of Old Is Overโ€.

Who can argue with that? You and I are very different from our younger selves. We all have to change and adapt. Not changing with the times in this day and age is positively suicidal, at least with your career.

As it is with people, so it is with cities. As mainland China emerges as a superpower, how can Hong Kong not change with the rest of the nation, and for the better?

Do you know what next-door Shenzhen was like in the mid-1960s when I was born? Well, it didnโ€™t exist as an economic entity, and certainly did not register anywhere in the then global economy.