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Opinion | How Hong Kong has flourished since 1997 and proved its Western detractors wrong
- Hong Kong has defied international doomsayers and gone from strength to strength as its economic development has become more aligned with mainland China’s
- China’s economic growth has helped boost Hong Kong’s standing as a financial hub, drawing in business and talent from around the world
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A quarter of a century ago, as Hong Kong prepared for its return to the motherland, the international media and academic consensus at the time was that the “Death of Hong Kong” was upon us. The notable wave of emigration from the city in the mid-1990s understandably added fuel to this narrative.
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Twenty-five years later, any objective and honest assessment should conclude that the narrative was not just inaccurate but way off the mark, notwithstanding the persistent doom- and fearmongering of the Western media.
Indeed, “Nylonkong” has now become a common phrase in the business community, with Hong Kong being consistently recognised as one of the top international financial centres of the world, along with New York and London.
The city maintained its third place on the leader board in the latest edition of the Global Financial Centres Index, published in March, having defended its top position in Asia against challenges from Shanghai and Singapore.
Statistics released by the Financial Services and Treasury Bureau also suggest that Hong Kong remains an attractive choice for overseas talent. The number of people coming to work in the city via the General Employment Policy and the Admission Scheme for Mainland Talents and Professionals rebounded last year, with an almost 20 per cent increase compared with 2020.
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