Hong Kong is no longer a Western playground – and it’s not looking back
When it comes to bad prognostication, no one can beat Fortune, which came up with the mother of all “Hong Kong is doomed” narratives. In June 1995, the magazine ran its infamous “The Death of Hong Kong” 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…
Fortune's infamous "The Death of Hong Kong" cover story in 1995 predicted its demise following the 1997 handover to China. However, Hong Kong has proven resilient and continues to thrive. Stephen Roach, a veteran China watcher, recently declared "Hong Kong is over" in the Financial Times, but his prediction was short-lived as the city regained its top spot in the global IPO ranking.
The author argues that Roach and his critics are clinging to the notion of "old" Hong Kong, which no longer exists. Hong Kong's economic success has far less to do with British colonialism than previously believed and more in common with other Asian miracle countries like Singapore, South Korea, Taiwan, and post-war Japan. The author suggests that Western countries have a vested interest in portraying Hong Kong's history inaccurately to justify their own economic rise.
Despite concerns about Hong Kong's autonomy, freedom, and democracy, the author questions whether these aspects are truly better preserved in Western countries. They encourage people to stop labeling Hong Kong as just another Chinese city and acknowledge that embracing its unique dynamism is essential for its continued growth.
Written by urgent.news from South China Morning Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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