HK acting financial chief rebuts 'naysayers,' defends future as global hub

Hong Kong’s Acting Financial Secretary Michael Wong Wai-lun has mounted a vigorous defense of the city's economic future, pointing to a sweeping recovery in trade, a booming initial public offering market, and robust capital inflows to dismiss prominent claims that the financial hub has lost its global edge.

In what seems a response to former Morgan Stanley Asia chairman Stephen Roach’s recent commentary, Wong stated in an op-ed that such critics are driven by "bias against China" rather than objective analysis, and are "turning a blind eye" to the city's resilience. 

Last week, Roach doubled down on his thesis that "the Hong Kong of old is over," pointing to broader economic shifts and tightening integration with the mainland. By calling it Xianggang, Hong Kong’s name in Mandarin, Roach implied the financial hub has effectively transitioned into “just another big Chinese city."

Rather than fading, Wong argued the city is successfully leveraging the "one country, two systems" framework to act as a "super connector" between the mainland and the globe.

He emphasized that Hong Kong retains its core institutional strengths: a trusted common law system, the free flow of capital, and a highly open business environment.

The SAR’s economy rebounded to 3.6 percent growth last year and surged 5.9 percent in the first quarter of this year – the strongest performance in five years. External trade also saw a sharp rise, with June exports leaping 53.4 percent.

He also highlighted a massive resurgence in public listings: 87 IPOs raised HK$210.2 billion in the first half of the year – nearly doubling year on year – with over 500 applications pending. Net inflows into local-domiciled authorized funds reached HK$357 billion last year, while single-family offices surpassed 3,380, up over 25 percent in two years, Wong said.

Regarding corporate recruitment, Wong noted that the Office for Attracting Strategic Enterprises has secured over 120 key firms, projected to generate HK$73 billion in investment and 25,000 high-end jobs over the coming years.

Looking ahead, Wong pledged to align with the 15th Five-Year Plan by expanding offshore yuan usage, green finance, and digital assets, reinforcing that the city's market fundamentals and international appeal remain rock solid.

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