Letters | Take heart from Hong Kong’s long history of bouncing back

Readers discuss Hong Kong’s strong track record of getting back on its feet, the international media narrative around the city, and what to make of the divine guidance offered by the Che Kung Temple

Hong Kong society

Letters

Published: 11:30am, 24 Feb 2024

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The letter, “New story of Hong Kong has only just begun” (February 16), refers to the article by Stephen Roach, former chair of Morgan Stanley Asia, headlined “It pains me to say Hong Kong is over” in the Financial Times. I think Mr Roach’s pessimistic view of Hong Kong’s future shows a lack of knowledge of the city’s historic ability to bounce back.

Roach states that domestic politics is contributing to the city’s “demise”, citing the Hang Seng Index’s poor performance since the social unrest. However, Hong Kong is no stranger to crises of confidence. The 2019 unrest pales into insignificance compared to the Japanese occupation, the 1967 riots, the 1997 handover and the 2003 outbreak of severe acute respiratory syndrome. Recovery can be painful but Hong Kong’s resilience, perseverance and determination can always turn crisis into opportunity.

For example, after the 1967 upheavals, Hong Kong implemented a series of social reforms, transforming the city into one of the Four Asian Tigers. Similarly, after the 2019 social unrest, the government has paid more attention to young people and is including them in decision-making by expanding the Member Self-recommendation Scheme for Youth. The government has also restructured the Home Affairs Bureau into the Home and Youth Affairs Bureau, putting youth affairs at the centre of policymaking.

It is true that China’s growth has slowed, with the economy facing serious challenges. China’s economic reality is reflected in the Hang Seng Index’s fall. However, Hong Kong remains ideally positioned to lead the Greater Bay Area, which is destined to become one of the world’s greatest economic powerhouses.

In addition, Hong Kong is actively seeking opportunities outside the mainland such as in the Middle East, Southeast Asia and countries that are part of the Belt and Road Initiative.

It is true that US-China rivalry has “gone from bad to worse”. Roach’s view that Hong Kong is trapped in the crossfire assumes a bipolar world. However, we are living in a multipolar world, which encompasses more than just the United States and China.

The European Union, the Middle East and the Brics all have separate political agendas consisting of competition and cooperation.

A flexible and adaptable Hong Kong is exactly what the world needs and that is how the city could turn crisis into opportunity. Transformation and change are never easy, but a look at history will restore faith. Hong Kong is far from over.

Christophe Feuille, Bordeaux, France

International media narrative is wrong about Hong Kong

The reasons that led me to move to Hong Kong with my business in 2010 are substantially unchanged and the changes that have occurred have not worsened the overall picture which, if anything, shows broader horizons today. It is clear to any resident that the international media narrative around the city’s situation, starting from the 2019 protests, has not corresponded, not even remotely, to the reality that we have lived and still live every day.

The main and most damaging problem for the city after the pandemic has been, without a shadow of a doubt, the bad propaganda on the part of the Anglo-Saxon world which does not want to accept that Hong Kong is part of China and that it is not, and probably never will be, a Trojan horse triggering the implosion of the current form of government on the mainland.

In fact, the greatest criticism I can make of the city’s institutions was the lack of adequate communication abroad aimed at countering the distorted picture of Hong Kong that was projected around the world.

However, I am convinced that the truth always triumphs and that time and the resilience of ordinary people, even in the absence of adequate action by the institutions, will restore the image of Hong Kong.

Raimondo Romani, founder and CEO, Gelardini & Romani Wine Auction

Let mainland tourists trade cryptocurrencies

The annual divine guidance offered by the Che Kung Temple during Lunar New Year is always to the point: it is futile to chop down trees in the forest. Don’t be anxious to succeed. Be patient as good opportunities will appear in spring.

At the moment, Macau is doing well as it is focused on something that can’t be done on the mainland: gaming. Hong Kong has to find a new niche and the simple formula is to do something that can’t be done on the mainland. This is the formula that ensured the city’s prosperity for many years.

For instance, Bitcoin’s latest rally has been impressive. In Hong Kong, it is legal to invest in and trade cryptocurrencies. If such convenience can be provided to mainland tourists, it may boost the financial sector.

In international trade, Hong Kong could also play a more active role in distributing Russian products across Greater China, for example.

So just wait for spring, which is only weeks away. Hong Kong will find its rhythm again.

Khaw Wei Kang, Macau