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Opinion
Hong Kong has the momentum, now it needs to build global trust
The city is on the upswing, so the question now is whether it can translate that into structural trust that endures beyond politics
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Alejandro Reyes is an adjunct professor in the Department of Politics and Public Administration and senior fellow at the Centre on Contemporary China and the World at The University of Hong Kong.
Hong Kong has once again displayed its resilience. The city retained its No 3 ranking in the Global Financial Centres Index, just behind New York and London, while initial public offerings surged eightfold in the first half of 2025. For the first time since 2019, Hong Kong held the top spot in global IPO fundraising. The city clearly still matters in global finance.
However, Chief Executive John Lee Ka-chiu’s policy address, while ambitious, was short on specifics. It promised growth in finance, shipping, innovation and talent but offered too few assurances to keep global firms confident. The real challenge is to turn momentum into trust, making sure Hong Kong and its markets remain usable even as geopolitical risks intensify.
The starting point is stark. In 2020, the US withdrew recognition of Hong Kong’s high degree of autonomy guaranteed under the Basic Law. Every US countermeasure against China – sanctions, export controls, investment bans – now applies to Hong Kong unless the city is explicitly carved out.
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