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 1995 "The Death of Hong Kong" article sparked a long-standing narrative claiming its decline following the 1997 handover to China. However, veteran China watcher Stephen Roach recently declared Hong Kong "over" in 2024, only to backtrack to highlight the city's resurgence in global IPO rankings. Critics like Roach argue Hong Kong's economic successes stem from British colonial influence, while others suggest their viewpoint is rooted in Western myopia.
Hong Kong's transformation mirrors that of other Asian "economic miracles" like Singapore and South Korea, with growth driven by capital accumulation and innovation. Despite criticisms, most Hong Kong residents are focused on their own prosperity, using mainland China's opportunities despite concerns over autonomy and democracy.
Written by urgent.news from South China Morning Post - Hong Kong's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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