Stephen S. Roach argues that the resilience touted by the city’s boosters has come to depend entirely on Chinese intervention.
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Economics
Jul 23, 2026
Stephen S. Roach
The pro-China camp continues to tout Hong Kong’s resilience, recently pointing to the fact that the city has reclaimed its position as the global IPO leader. But conveniently left out of this narrative is that resilience has come to depend on the direct intervention of the Chinese authorities.
Stephen S. Roach thinks the China-centric administrative region has changed irrevocably, despite its booming financial sector.
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