To protect their own futures, the people of Hong Kong must reflect carefully on the need to end violent protests and work together to address genuine grievances. The alternative is not some fantasy of an independent and thriving Hong Kong. It is a devastated economy, a divided society, and a lost generation.
Andrew Sheng, Distinguished Fellow of the Asia Global Institute at the University of Hong Kong and a member of the UNEP Advisory Council on Sustainable Finance, is a former chairman of the Hong Kong Securities and Futures Commission. His latest book is From Asian to Global Financial Crisis.
Xiao Geng, President of the Hong Kong Institution for International Finance, is a professor and Director of the Research Institute of Maritime Silk-Road at Peking University HSBC Business School.
In 2017, Chinese President Xi Jinping declared that by the time the People’s Republic celebrates its centenary in 2049, it should be a “great modern socialist country” with an advanced economy. But following through with planned measures to tighten mainland China’s grip on Hong Kong would make achieving that goal all but impossible.
Minxin Pei is a professor of government at Claremont McKenna College and a non-resident senior fellow at the German Marshall Fund of the United States.
Beneath the recent unrest in the Hong Kong Special Administrative Region lie concerns about capital outflows. A private banking source in Hong Kong said that the super-rich have begun to shift their assets elsewhere, including to Singapore, the Straits Times reported.
By Hu Weijia
The sun may be setting on Hong Kong’s once indomitable economy.