Opinion | Hong Kong 2.0 must deliver certainty and hope amid US-China volatility

The telling of a good Hong Kong story can no longer rely on past scripts because circumstances have changed.

Hong Kong’s rise from a trading outpost to a global financial hub was an economic miracle. In the good old days, the city enjoyed the best of both worlds: part of China yet distinctly different under “one country, two systems”. It was valued by Beijing for its global prominence, and by the world as a major gateway to mainland China and the rest of Asia.

Today, the city has become uptight and risks losing its glamour. It desperately needs a new formula for growth and a broadened economic base. After the 2019 political unrest, which China condemns as subversive and separatist, a national security law was imposed and electoral rules rewritten.

Stability seems to have been restored but uncertainty continues. Many talk of Singapore, Shanghai and Shenzhen outshining Hong Kong. The brain drain is hurting. A think tank survey a year ago found that 47 per cent of young people were pessimistic about the city’s future.

More detrimental is the worsening geopolitics and escalating US-China conflict feeding the “China threat” conspiracy. According to a Pew Research Centre survey last year, an average 68 per cent across 19 countries viewed China negatively even as many believed its influence was rising.

Reflecting Western scepticism, The Economist played up the “peak China” theory in a May report, concluding that Hong Kong had lost out to Singapore. Hong Kong faces distancing by the US-led Western camp, which seeks to decouple from China in the name of “de-risking”.