And, contrary to the views of famed economist Stephen Roach, so will great places such as Shenzhen, Shanghai, Hangzhou and Chongqing
So, Hong Kong is not going down the drain after all. What a relief! At least that’s the latest reassessment of Stephen Roach, who is something of a big potato among the China commentariat.
Some 16 months ago, the former Morgan Stanley, Asia boss seemed to have finally joined the “death of Hong Kong” brigade, having declared that it is “just another Chinese city” now. His claim – “it pains me to say Hong Kong is over” – caused a bit of a shock because his views were usually considered moderate and measured.
Actually, we are still “just like any other big Chinese city”, he concluded in a recent Financial Times op-ed, like “Shenzhen with its technology, Guangzhou with its advanced manufacturing”. Hong Kong is “special” only for its “role as China’s major international financial centre”.
Well, Hong Kong had long been the main foreign exchange and investment funding source for communist China even under the British. Its functions may have expanded, but its key financial role remains. Not much has changed.
