China’s Minimum Wage Guide (Updated as of February 19, 2024)

Former Morgan Stanley chairman, Stephen Roach, claims Hong Kong is “over” due to domestic politics, China’s issues, and global tensions.

Stephen Roach declares “Hong Kong is Over”

Once a strong ally to China, Stephen Roach, former chairman of Morgan Stanley in Asia, has declared that Hong Kong’s decline is due to its domestic politics, China’s structural issues, and global developments, particularly worsening U.S.-China tensions. Roach pointed out that the turning point for Hong Kong’s decline was the extradition bill introduced by former Chief Executive Carrie Lam, triggering large-scale protests, and Beijing’s imposition of the national security law, leaving Hong Kong with limited local political autonomy.

Factors Contributing to Hong Kong’s Decline

Roach attributed Hong Kong’s decline to a combination of local politics, China’s economic structural problems, and global developments like the worsening U.S.-China rivalry. He emphasized that these factors have led to an economic downturn marked by waning confidence in the business and investment climate, as well as a legal framework, prompting foreigners, firms, and even locals to leave the city. Additionally, Roach’s commentary was described as a “shock bomb,” which could compel others to reassess the political risks of operating in Hong Kong.

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