Stephen Roach recently published another lengthy article, again recycling the tired “Hong Kong is dead” narrative. Reading it left me with deep reflections.
In my younger days traveling abroad, I was often mistaken for Japanese. At that time, Japan’s economy was at its peak, and any Asian face was casually assumed to be Japanese. Today, China has risen as the world’s second-largest economy — a phoenix reborn from the ashes — while Japan has experienced a long period of stagnation. By Roach’s own logic, should we now declare that “Japan is dead”?
Roach claims that Hong Kong’s return to the top of the global IPO rankings relies almost entirely on mainland companies, which account for around 90% of the listings. Yet in the United States, domestic companies make up roughly 80% of IPOs. Why is the American figure celebrated as “self-reliance,” while Hong Kong’s is dismissed as “dependence”? As a Special Administrative Region of China, Hong Kong’s role as a “super connector” and “super value-adder” — helping both state-owned and private mainland enterprises expand overseas — is not only natural but essential.
Roach further asserts that “the Hong Kong of Old is Over.” Yes, the old days have passed. The world is changing rapidly. Under the present administration, U.S. tariffs, traditional foreign policy, and alliances have undergone dramatic shifts. Does that mean “the U.S. of Old is Over”? Roach clings to nostalgia for a bygone era while remaining blind to present and future opportunities. Hong Kong has reclaimed the global IPO crown, remains the world’s largest cross-border wealth management center, ranks among the freest economies, and continues to thrive through a vibrant events economy. These are hard facts, not slogans. Rejecting the present simply because one misses the past only blinds oneself to reality.
The past is gone, Hong Kong is transforming amid economic restructuring and closer integration with the mainland, while actively embracing new industries. What remains unchanged is our foundation of the rule of law, international outlook, and resilient adaptability. Perhaps Roach should visit Hong Kong in person — listen not only to Putonghua being spoken, but also to the many industries that are already reinventing themselves and moving forward.
The Honorable Jeffrey Lam Kin-fung is a non-official member of the Executive Council and chairman of the Vocational Training Council
