‘Rising East, declining West’ a popular view in China, but Hong Kong tycoon urges caution

Ronnie Chan, honorary chairman of Hang Lung Properties, says there will be no winner in US-China conflict, but both sides could lose

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“The fact that the US may be moving toward isolationism does not in any way imply that America is waning,” says Ronnie Chan, honorary chairman of Hang Lung Properties. Photo: Bloomberg

Wendy Wuin Beijing

Published: 1:10pm, 8 Jun 2024Updated: 2:32pm, 8 Jun 2024

China should remain level-headed in assessing its strengths and weaknesses to navigate geopolitical shifts and its rivalry with the United States, according to a Hong Kong tycoon.

Ronnie Chan Chi-chung, honorary chairman of Hang Lung Properties and chairman of the Asia Society Hong Kong Centre, said that the US has shown signs of retreating to isolationism. He added that the country is “at war with itself”, with domestic political infighting and the uncertainties of Donald Trump’s potential return to the White House next year.

However, “the fact that the US may be moving toward isolationism does not in any way imply that America is waning. Absolutely not,” Chan said, speaking at an event held by the Centre for China and Globalisation in Beijing on Friday.

He said the US still had dominance and strength in research capabilities, tech prowess and entrepreneurship, along with a strong capital market and resilient economy.

“A lot of people in this country [China] are now talking about the East rising and the West falling. I’d say be careful of what you say,” he said.

The phrase “the East is rising and the West declining” has gained traction in recent years to describe Beijing’s view of the post-pandemic world as China has grown more confident in its ascent.