Why Hong Kong’s economic future still hinges on national security

The article discusses the ongoing debate over whether Hong Kong's economic focus should shift away from national security. While it's true that the city has largely restored public order since the 2019 turmoil, concerns remain about the impact of national security laws on commercial interests. The writer, a journalist working in a relevant industry, argues that national security will always remain a top policy priority for Hong Kong.

This is not a handicap to its commercial interests, but rather a crucial factor for its economic future. The city's strategic position has always been dictated by national security considerations, from its colonial past to its current role as a gateway to China and a hub for international finance and technology. The writer points out that while China and the West needed a communication channel after World War II, Hong Kong was chosen specifically for its security value.

This historical mandate has been repeatedly upheld by both British and Chinese authorities. The rise of China-US rivalry in recent years has shifted the geopolitical dynamics, with the US viewing China's rise as a challenge that needs to be contained. This has led Washington to focus on its dominance over financial and technological networks.

However, the writer emphasizes that Hong Kong's position as a point of vulnerability in this geopolitical competition could present significant commercial opportunities. By leveraging its strength in supply chains and critical materials, and building resilient alternative systems, Hong Kong could become a premier offshore yuan hub, wealth management center for Chinese companies, and an innovation nexus connecting mainland China with emerging global markets.

This will require a stable, highly secure environment, which is where national security comes into play. While there are other domestic and regional financial centers, Hong Kong's unique advantages in building new financial infrastructures for China make it a compelling choice. The writer concludes that national security is not a distraction from Hong Kong's business, but rather the baseline upon which its business depends.