Opinion | Make Hong Kong Great Again? With some creative planning, it’s possible

As Hong Kong’s woes pile up, Asian cities such as Tokyo or Singapore are jostling to take its place as a key regional financial centre

But the trade hub still has some things going for it, including a well-developed stock market, English common law and a distinct role in the Greater Bay Area

Reading Time:5 minutes

All is not lost for Hong Kong, but it needs some strategic planning from the government, Neil Newman writes. Photo: Winson Wong

Published: 7:00am, 7 Dec 2020Updated: 6:57pm, 7 Dec 2020

Hong Kong has for decades served as one of Asia’s most important financial hubs, and its English-language media was a bastion of free speech.

The city’s proximity to China and welcoming nature to foreign businesses made it the most sensible place to set up shop to do business in the region. But the combination of the pro-democracy protests, the new national security law and the sheer cost of living is leading many global firms to consider an exit.

I’ve personally spent much of my time since April on such an exit, closing down a 10-year-old global hedge fund and becoming a rudderless Responsible Officer. A sign of the times.

As business in Hong Kong shrinks, several Asian cities are eager to take over its position as the key financial centre in the region.

Tokyo could become a serious threat to Hong Kong if it focuses on the job, writes Neil Newman. Photo: AFP

TOKYO MAKES A STRONG BID

One of the highest-profile contenders in Asia is Tokyo. Ever since the 1990s slump stripped the city of its position as the leading Asian financial centre, Japan’s hapless politicians have been trying to plot their way back to regional supremacy – with more than a few false starts based on ill-conceived ideas like more late-night spaghetti restaurants in Otemachi or free Bloomberg terminals in Naha.

Select Voice

Choose your listening speed

Get through articles 2x faster

1.25x

250 WPM

Slow

Average

Fast

00:0000:00

1.25x