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Acting Financial Secretary Michael Wong Wai-lun has pushed back against renewed claims that Hong Kong’s former economic model is finished, saying critics have overlooked the city’s resilience, vitality and emerging opportunities.
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His remarks in a Chinese-language commentary published on Wednesday came after former Morgan Stanley Asia chairman Stephen Roach renewed his pessimistic assessment of the city.
In a recent column titled Yes, the Hong Kong of Old Is Over, Roach argued that Hong Kong’s economic resilience and recovery as a leading initial public offering market had become heavily dependent on mainland companies and intervention from Beijing.
Roach, who first declared in 2024 that “Hong Kong is over,” said the city had undergone a fundamental transformation and that its traditional character and competitive advantages had been eroded.
Without naming Roach, Wong said recent media commentaries had attempted to talk down Hong Kong’s prospects while ignoring the city’s ability to withstand challenges and seize new opportunities.
He said Hong Kong must continue moving forward, answer its critics through concrete results and correct what he described as misinformation spread by those seeking to undermine the city.
Wong said Hong Kong had continued to strengthen its position as an international financial center by maintaining a free, open, efficient, secure and international business environment connected to global markets.
Under the “one country, two systems” framework, the city benefits from strong national support while maintaining close links with the rest of the world, allowing it to serve as a “superconnector” and “super value-adder,” he said.
He also cited Hong Kong’s common law system, internationally aligned regulatory standards, free flow of information and capital, and simple, low-tax regime as qualities valued by global investors.
“Facts speak louder than words,” Wong said, pointing to the city’s economic recovery.
Hong Kong’s economy contracted by 3.7 percent in 2022 but expanded by 3.6 percent last year. Gross domestic product grew 5.9 percent year on year in the first quarter of 2026, the strongest increase in nearly five years.
External trade also recorded sharp growth, with the value of total exports rising 53.4 percent year on year in June and imports increasing by 45.4 percent.
Wong said some criticism appeared to stem more from prejudice against China than objective analysis, adding that Hong Kong would continue to demonstrate its strengths through its economic performance and future development.
