Do we need to go to Beijing, cap in hand?
In a sign of the depth of their frustration and helplessness, a group of Lehman minibond investors has publicly called on the central government to step into the row to help them.
The Beijing factor has not come into play before now mainly because there is little, if anything, it can do to end the dispute between investors and banks.
The 'seek-help-from-grandpa' episode in the Lehman drama is, however, intriguing. It is yet another sign of the marked change of people's attitude towards the central authorities.
There is no doubt that calls for Beijing to intervene in such a dispute would have been highly controversial if they had been made shortly after the handover. Critics would have claimed it was inviting interference at the expense of the city's high degree of autonomy.
Eleven years on, many people may feel uneasy about such a plea, but they no longer react strongly against such a move. As well as feeling sympathy for the holders of Lehman-backed products, they are also less resistant to the idea of a bigger role for Beijing in the city's development.
This changing mentality could not be more obvious in a survey conducted by the Chinese University's Institute of Asia-Pacific Studies on the impact the global economic crisis is having on Hong Kong.
Results published last week show almost half the respondents agree that the government should ask the central government to introduce measures to support Hong Kong's economy, while 24 per cent disagree.
Asked who could best facilitate the city's economic development and competitiveness, about 40 per cent said the central government. That was followed by the Hong Kong government (35.5 per cent) and the business sector (21 per cent).
An overwhelming 84 per cent said Hong Kong should strengthen integration with the mainland in its economic development. Only 3 per cent thought otherwise.
After meeting Hu Jintao at the Asia-Pacific Economic Co-operation Forum in Lima, Peru, at the weekend, Chief Executive Donald Tsang Yam-kuen quoted the president as saying that 'the nation will act as the city's strong backer'.
Chinese press reports said Mr Tsang submitted a long list of proposals for the mainland authorities to give a helping hand to Hong Kong on matters like tax concessions, market access and cash flow for Hong Kong firms on the mainland. Others include further expansion of the individual visit scheme for mainland tourists.
Mr Tsang's list reportedly contained more than 100 suggestions. One newspaper quoted informed sources as saying that 'it will be a great help to the Hong Kong economy even if half of them are accepted'.
With the world economy mired in crisis, it is only natural for Hong Kong to look to Beijing for help to ride out the economic storm, as it has done previously.
The city's recovery from the downturn in the aftermath of the September 11, 2001 terror attacks has been attributed to Beijing's 'support Hong Kong' initiatives, including the Closer Economic Partnership Arrangement and individual visit plan.
Seeking more help from Beijing has emerged as a short cut to revitalising the economy and tackling problems such as unemployment and the operating difficulties of Hong Kong firms in Guangdong.
As economic interdependence gradually shifts towards reliance on the mainland, there are doubts about Hong Kong's ability to find solutions to its own problems and enhance its long-term competitiveness.
In its nightly television broadcast of the national anthem, the government says everyone in Hong Kong contributes to the well-being of the nation simply by doing their own job well. While asking Beijing for help, we should all think about how we can each do our part to maintain the strengths and viability of this city.
Chris Yeung is the Post's editor-at-large.
