Feel strongly about these letters, or any other aspects of the news? Share your views by emailing us your Letter to the Editor at [email protected] or filling in this Google form. Submissions should not exceed 400 words, and must include your full name and address, plus a phone number for verification. One of the world’s more indulgent pastimes is empathising with billionaires down on their luck. It is thus hardly surprising that journalists have zeroed in on the
receding fortunes of Hong Kong’s well-heeled. But Hong Kong is still very much alive and kicking, back in the global game.
In 1997, Hong Kong, with its 6.6 million residents, represented about 19 per cent of mainland China’s gross domestic product and 15 per cent of its trade. As China experienced a growth spurt following its
accension to the World Trade Organization, it was Hong Kong that provided the legal platform for finance and a friendly port for global commerce.
As China’s economy grew, some of Hong Kong’s
wealthiest families – including the Kwoks, Lis, Chengs and Woos – expanded their fortunes. For decades, this billionaire class dominated key sectors, particularly real estate. As they turned inherited or self-made wealth into global fortunes, their business empires symbolised Hong Kong’s economic might.
With time, some of those fortunes declined somewhat, as did the city’s growth rate. Mainland China became an economic behemoth and Shanghai and Shenzhen have emerged as viable alternatives to Hong Kong. The city’s almost traditional role as a gateway between East and West is being challenged by other Asian metropolises such as Singapore. The ongoing trade tensions between China and the United States further complicate matters.
However, this Hong Kong was mostly a Western looking glass and to lament as to where it went is to grasp at a mirage. Hong Kong can stand on its own feet on the global stage, and mainland China might help that happen rather than somehow ruin the city.
Furthermore, mainland China’s prowess in technological innovation has brought about positive transformations in Hong Kong’s landscape, creating opportunities for entrepreneurs and positioning the city to be a hub for technology and innovation.
