Advertisement
Opinion
Tension between socialism, capitalism holds back Hong Kong’s recovery
Efforts to reassure residents, investors and observers have been sidetracked by a lack of clearer parameters on what Hong Kong can or can’t do in the new environment
4-MIN READ4-MIN
14
Wang Xiangwei is a senior visiting scholar (2026-27) at the Rajawali Foundation Institute for Asia, Harvard Kennedy School, and a former editor-in-chief of the South China Morning Post.
On November 19, two major events unfolded simultaneously in Hong Kong which highlighted the paradox of this once-great but now-confused city as it tries to navigate between socialism and capitalism in an era of great uncertainty.
On Hong Kong Island, the Monetary Authority hosted about 300 global and regional financial leaders, including top executives from Goldman Sachs, Morgan Stanley and JP Morgan. Some of China’s top financial officials, including Vice-Premier He Lifeng, flew in for the event, where they promised full support for the city at a time when its future as a global financial hub is under scrutiny.
However, the effort to use this three-day marquee event to burnish the city’s image was overshadowed by another major event taking place across Victoria Harbour. International journalists and foreign diplomats flocked to the West Kowloon Magistrates’ Courts, where 45 former lawmakers and activists were sentenced to from four to 10 years in prison in Hong Kong’s biggest national security trial following the imposition of the national security law after the large-scale protests in 2019.
Select Voice
Select Speed
1x
AI-generated voice