Those who unfairly criticise Hong Kong must be put in their place
- Wrongful claims from social media users in mainland China about city’s bourse and its position as a financial hub have drawn a response from leaders
It may be difficult to take seriously attempts to diminish Hong Kong’s status as a financial hub. So what could prompt the financial services minister, plus one of his predecessors, the financial secretary and the chief executive to each publicly defend it?
A social media pile-on from over the border, targeting the city’s presently lacklustre stock market has finally triggered a response. It amounts to badmouthing that the city can do without.
Its leaders have therefore set a good example by meeting attempts to belittle the city with authoritative rebuttal and refutation.
Internet users claimed the city’s hub status was a thing of the past, with one commentary comparing the stock market’s Exchange Square headquarters to a historic site.
Hong Kong minister hits out at claims that city’s days as global finance hub are over
Critics found ammunition in market data showing proceeds of initial public offerings here had hit a 20-year low.
IPOs are neither the only measure of a financial hub, nor the most reliable amid an uneven post-Covid recovery and economic headwinds.
Indeed, Fred Ma Si-hang, financial services minister from 2002-07, says the bourse is just one of five market pillars, alongside bonds, asset management, banking and insurance.
Hong Kong has wrongly been written off before. What sets this put-down apart is that it comes from across the border. If it had come from Western media the authorities would have reacted much sooner.
Eventually, Secretary for Financial Services and the Treasury Christopher Hui Ching-yu led the way, saying “[the market] has solid foundations [and] is internationalised, comprehensive and growing”.
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Chief Executive John Lee Ka-chiu said market indicators showed Hong Kong remained a leading financial centre, and he urged residents not to be too downbeat and not to belittle their city.
Rather they should take heart from confidence shown by high-profile international events, such as the recent Louis Vuitton pre-fall fashion show on the harbourfront, and the inaugural conference of the Saudi Arabia-backed Future Investment Initiative.
Financial Secretary Paul Chan Mo-po said the city’s status and strength as a financial hub was “incomparable” and the market’s weak performance was down to the mainland economy and its bourses.
It is good to hear those leaders speaking up for the city against such unfair and uninformed criticism. We should not belittle ourselves by turning the other cheek.
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Unless refuted, such comments can easily gain unfounded credibility and influence in some quarters, particularly when it comes from so-called internet celebrities and brokers.
The authorities should take immediate action to set the record straight, clarifying the facts and using data to help people grasp the real situation.
When it comes to the importance of telling good Hong Kong stories, as the chief executive likes to put it, this is one that bears telling tirelessly.
