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Opinion | Not just another mainland city: Hong Kong should trumpet capitalism, lead Greater Bay Area, and shun bureaucratic excess
- Economic setbacks and political uncertainty have dented the city’s confidence, but it remains a world-class hub for business and finance
- Now is not the time to shy away from free-market practices or simply accept a supporting role in China’s development
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After enduring three years of zero Covid tolerance in Beijing, I relocated back to Hong Kong in the last week of November 2022. That was during the period of turbulence in the Chinese mainland when university students took to the streets in major cities to protest against Beijing’s excessive restrictions, forcing the central government to reopen suddenly in early December.
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The contrast between the two cities could not have been greater. Leaving behind the freezing cold weather and pent-up frustration over zero-Covid restrictions in Beijing, I felt right at home in Hong Kong, thanks to the warm weather, kind welcome of old friends, and feeling of freedom.
As I have observed to friends in Hong Kong, being away from the city for three full years means that all I see are its positives, while they are deeply worried about its negatives.
With the political uncertainty hanging over the city’s future and droves of people departing for good, the foremost worry is that Hong Kong will fade into just another Chinese city.
While the worry is understandable, there are stronger reasons to believe that Hong Kong is merely going through a trough. The city is poised for a sharp rebound following Beijing’s pivot towards reviving the economy.
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But before the city gets back on its feet, I believe it must untie three hard knots which threaten to constrict its future development, based upon my extensive talks with political and business contacts over the past two months.
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