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Hong Kong official rejects claims of bias against China
The rebuttal followed a Stephen Roach op-ed arguing Hong Kong has shifted from a globally connected base to a mainland dependent city, with IPO recovery driven mainly by mainland firms.
A senior Hong Kong finance official pushed back against criticism of the city’s outlook, saying some commentators are driven by bias against China rather than evidence or facts, according to commentary published by Deputy Financial Secretary Michael Wong Wai-lun.
The response was published after American economist Stephen Roach wrote an opinion piece arguing that the “Hong Kong of old is over,” contending the city has fundamentally changed from an autonomous, globally connected enclave into one more dependent on mainland China.
Wong’s rebuttal did not name Roach directly, but it addressed the broader argument, saying the criticism is not backed by evidence and is not aligned with factual developments.
Roach’s commentary pointed to Hong Kong’s financial recovery and its return to the top spot for initial public offerings, saying the rebound was primarily fueled by mainland firms, framing the city as a specialized platform for mainland issuers.