Letters | Has Hong Kong finally put the worst behind it? Not quite

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Hong Kong is back. That was the sentiment prevailing during the international financial summit last week. The long-awaited event was successfully held under tremendous pressure and amid massive challenges.

Our major rival Singapore held a fintech event akin to ours. We still have around 5,000 Covid-19 cases each day. Then, there was the unwelcome visit of Severe Tropical Storm Nalgae that compounded the stress we already felt. Worse still, American politicians were calling for a boycott of the global financial leaders’ summit and threatening sanctions against those who attended.

Chief Executive John Lee Ka-chui proudly declared in his speech at the summit: “The worst is behind us.” He pointed out that while geopolitical tensions are rising, inflation is high and the world economy has been spiralling downwards, Hong Kong is doing well.

Yes, Hong Kong has the full backing of China. It also has an important role to play under the national belt and road strategy. Moreover, the city’s role as an offshore trading hub for Chinese currency is being strengthened.

However, I am not so sure Hong Kong has put the worst behind it. We still cannot see a path to “0+0” restrictions, allowing free travel to and from the rest of the world. The government is not inclined to lift its property cooling measures, and is thus impeding free-market operations. A property downturn could have a knock-on effect on other sectors, such as construction and retail, and on financial markets.