Letters | After all that Hong Kong has been through, why I still have faith in city

A sustained belief in democratic and liberal institutions continues to distinguish Hong Kong from the rest of China, regardless of assimilation efforts

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The statue of a golden Bauhinia blakeana, the symbol of Hong Kong, is seen behind a barricade while the city and national flags fly in the distance at the Golden Bauhinia Square in Wan Chai on January 7. Photo: Bloomberg

Published: 7:00am, 10 Jan 2021Updated: 7:00am, 10 Jan 2021

It has been a year since the double whammy of violent protests and the Covid-19 pandemic hit Hong Kong, and it may be time for cautious optimism for those of us concerned about its future.

Hongkongers are tough and resilient, and the city has had its share of pandemics – the 1894 plague killed more than 8,600 people in seven years. Other natural disasters such as typhoons killed thousands and left tens of thousands homeless; the Shek Kip Mei fire on Christmas Day 1953 destroyed the homes of 53,000 people. The Sars (severe acute respiratory syndrome) outbreak in 2003 killed almost 300. But Hong Kong grew stronger with every challenge.

Hong Kong is also no stranger to political uncertainties and civil strife. Fears in 1949 and the 1980s that China would take back the British Crown Colony by force prompted a massive exodus of middle-class families before the 1997 handover. But Hong Kong’s population increased afterwards, as the impact proved less serious than expected and the city’s status as a leading international financial centre has strengthened since.

In fact, almost every major crisis in the last century has been followed by a period of economic expansion.

There has been renewed fear that the past year’s events will prompt another talent exodus, but as the pandemic evolves and nations return to lockdown, it is hard to see how people can relocate any time soon. Plus, the primary cause for concern for many expatriates – violent protests – have died down.

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Massive police presence blunts Hong Kong protests on China’s National Day

While I think the worries over the national security law are largely justified, I also believe China cannot afford to lose Hong Kong as a prominent global financial hub, particularly as many of China’s crucial foreign relations are at a stand-off. And it is not just China that needs Hong Kong – American and European companies wishing to do business in Asia still benefit from having Hong Kong as a stepping stone into the mainland market and as a safe place to store their assets.