Stephen Roach says 'Old Hong Kong' is over; Hong Kong officials dispute claim
Stephen Roach, former Morgan Stanley Asia chair and now a senior researcher at Yale Law School, published a column titled “Yes, the Hong Kong of Old Is Over”. In it he argued that the city’s traditional strengths have faded and that the recent revival of its IPO market is driven primarily by mainland Chinese companies, noting that 90‑95% of recent fundraising comes from such issuers. Roach also criticised the National Security Law and other legislative changes as eroding Hong Kong’s rule of law, citing the resignation of six overseas non‑permanent judges.
Deputy Financial Secretary Wong Wai‑lun responded in an op‑ed, defending Hong Kong’s resilience. He highlighted strong economic momentum, reporting a 5.9% GDP increase in the first quarter of 2023 – the fastest rise in five years – and a surge in trade volumes. He noted that Hong Kong hosted 87 IPOs in the first half of the year, raising HK$210.2 billion, roughly double the previous year’s total, and emphasized the city’s standing as a leading global financial centre.
The exchange reflects a broader debate over Hong Kong’s future role under the “one‑country‑two‑systems” framework and its integration with mainland China.
Entities: Hong Kong · Morgan Stanley · Stephen Roach · William Wong · Wong Wai‑lun · Yale Law School · Yale University
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [● 2 SOURCES] Stephen Roach, former Morgan Stanley Asia chair, published a column titled “Yes, the Hong Kong of Old Is Over”. (Both articles)
- [○ 1 SOURCE] Deputy Financial Secretary Wong Wai-lun wrote an op‑ed defending Hong Kong’s resilience and citing strong economic growth. (Article 1)
- [○ 1 SOURCE] Roach described Hong Kong as “Xiānggǎng”, suggesting it has become another Chinese city rather than a distinct international hub. (Article 2)
- [○ 1 SOURCE] Hong Kong’s GDP grew 5.9% in the first quarter of 2023, the strongest increase in five years. (Article 1)
- [○ 1 SOURCE] In the first half of the year, Hong Kong hosted 87 IPOs that raised HK$210.2 billion, about double the previous year’s total. (Article 1)
- [○ 1 SOURCE] Six overseas non‑permanent judges resigned from Hong Kong’s top court, raising doubts about judicial independence. (Article 2)
- [○ 1 SOURCE] Roach said the National Security Law and related legislation have undermined Hong Kong’s rule of law and press freedom. (Article 2)
- [● 2 SOURCES] Roach argued that Hong Kong’s IPO market now relies heavily on mainland Chinese companies, with 90‑95% of recent fundraising coming from them. (Both articles)