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Wang Xiangwei served as the editor-in-chief of the South China Morning Post from 2012 to 2015. If one single word could capture the essential nature of Hong Kong, it would be resilience. This quality defines the city’s ability to withstand pressure and emerge stronger.
Just two years ago, many observers in the international community had written off Hong Kong. A widely circulated newspaper commentary carried the provocative headline: “It pains me to say Hong Kong is over.” Although the writer later modified his opinion, the piece perfectly captured the deep pessimism surrounding the city’s future as a global financial and cultural hub. At that time, it seemed that Hong Kong’s era of dominance might be ending.
However, Hong Kong’s dramatic comeback is now well documented by independent data. According to the Boston Consulting Group, the city has overtaken Switzerland to become the world’s largest cross-border wealth management center. Last year, the city managed US$2.95 trillion in offshore assets. This significant surge was driven by massive wealth flows from mainland China and a booming initial public offering market for new listings. Furthermore, Hong Kong climbed to second place in the International Institute for Management Development’s global competitiveness rankings. This marks the city’s highest ranking in this specific index since 2019. These major milestones signal not just a simple recovery, but a renewed and powerful momentum in the global market.
Geopolitical tensions have, in some respects, worked in Hong Kong’s favor. Over the past two years, Chinese companies have increasingly pulled back from stock listings in the United States. Many of these firms have chosen Hong Kong instead, recognizing its stability and unique position. Anecdotal evidence points to a growing influx of overseas Chinese financial professionals and academics. Many of these individuals were born in the United States or are naturalized Chinese Americans. They are relocating to Hong Kong, drawn by the city’s unique position as a bridge between Eastern and Western markets. This brain gain strengthens the city’s professional ecosystem.
The city stood at a pivotal moment to elevate its international stature following the summit between Chinese President Xi Jinping and US President Donald Trump in Beijing in May. That summit set a more positive tone for bilateral ties between the two superpowers. It created room for pragmatic engagement and dialogue, even amidst underlying strategic competition. Hong Kong should seize this narrow window to repair and strengthen its ties with the United States and its Western allies. The city is not just a Chinese special administrative region; it is a critical node in the global financial network.