Feel strongly about these letters, or any other aspects of the news? Share your views by emailing us your Letter to the Editor at [email protected] or filling in this Google form. Submissions should not exceed 400 words, and must include your full name and address, plus a phone number for verification I am writing in response to Stephen Roach’s recent
gloomy comments on Hong Kong’s economic situation (“Hong Kong government hits back after economist Stephen Roach delivers advice for city”, June 5).
Roach, a distinguished economist and former chairman of Morgan Stanley Asia, has over the past few months raised significant concerns about Hong Kong’s future, citing a loss of political autonomy,
economic struggles in mainland China and increasing Sino-US tensions as major factors undermining the city’s prospects. He has described Hong Kong’s current trajectory as highly uncertain, even claiming that “
Hong Kong is over”.
His assertions have sparked strong reactions from various quarters, notably from
Hong Kong officials and Chinese state media. Many argue that Roach’s perspective is too pessimistic, failing to account for the city’s resilience and ongoing economic activities. For example, despite global market uncertainties, Hong Kong was still the fifth-largest IPO market worldwide in 2023, ahead of financial hubs like Japan, according to PwC’s Global IPO Watch 2023.
Roach’s perspective on Hong Kong is profoundly shaped by his first-hand experience of the city’s economic zenith. During his tenure with Morgan Stanley, Roach witnessed Hong Kong’s remarkable boom years, characterised by rapid economic growth, thriving international trade and a robust financial sector. The city’s dynamism and strategic position as a gateway to mainland China made it a global powerhouse.
However, in recent years, Hong Kong has faced significant economic slowdowns, exacerbated by political instability, mainland China’s economic malaise and worsening Sino-US tensions. This dramatic shift from prosperity to uncertainty has led Roach to adopt a more pessimistic outlook, as he now sees these challenges as potentially undermining the city’s future stability and growth.
