Hong Kong’s economy can endure the national security law and emerge stronger
- A good deal of money has already flowed out of the city and investors are assuming the worst in the absence of clarity over the national security law
- Despite the uncertainty, however, Hong Kong’s low taxes, vibrant business community and efficient infrastructure still make it a great place to live
Mark Twain, upon hearing rumours he was on his death bed, said “the report of my death was an exaggeration”. Similar premature obituaries have been written about Hong Kong in recent days. Extreme headlines are the stock-in-trade of the media.
The power of the printed and digital word came home this week when someone sent me a page from the Hindustan Times. To my surprise, I was quoted about Hong Kong as saying “What we’re basically seeing is … a slow-moving train wreck.”
Note that I, too, fell into the trap of using an extreme analogy to make an obvious point. I continued, “people who haven’t moved their money out may be tempted to think: ‘Well, maybe I should be moving my money out’. That process is likely to continue.”
That quote was part of a longer interview given to a major wire service that syndicated the article globally. By looking up the exact title of the original piece, I counted at least 18 different newspapers, blogs and trade journals around the globe that had reprinted the piece.
02:24
Time to stop talking about Hong Kong’s ‘premature death’