Hong Kong Transformed: The Death of Western Playground Narrative
SCMP · 1 SOURCESabout 2 hours ago2 MIN
Summary
Stephen Roach, the veteran China watcher and former chairman of Morgan Stanley Asia, made headlines in 2024 when he proclaimed "Hong Kong is over" in the Financial Times, echoing what the article calls "Hong Kong derangement syndrome" among Western critics . He was forced to partially correct himself the following year when Hong Kong recovered its number one spot in the global IPO ranking . The SCMP commentary, written by someone who witnessed Shenzhen's transformation from non-existence in the 1960s to a global tech hub, argues that change is inevitable and necessary as mainland China emerges as a superpower . The article suggests Western critics harbored an idealized view of Hong Kong as a playground for globalists, neoliberal economists, and Western intelligence operatives .
Key Points
- Fortune magazine published its infamous "The Death of Hong Kong" cover story in June 1995, predicting the city's demise after the 1997 handover to China
- Stephen Roach, former Morgan Stanley Asia chairman, declared "Hong Kong is over" in the Financial Times in 2024, later partially correcting himself in 2025
- Hong Kong recovered its No. 1 position in the global IPO ranking in 2025, forcing Roach to revise his pessimistic assessment
- The article coins the term "Hong Kong derangement syndrome" to describe irrational negativity from Western critics toward the city
- The author argues that as mainland China emerges as a superpower, Hong Kong must and should change accordingly
Why It Matters
This ongoing debate reflects the broader tension between Western perceptions of Hong Kong and the city's actual trajectory under increased integration with the mainland. For Hong Kong readers, Roach's reversal following the IPO ranking recovery demonstrates that the city's financial fundamentals remain strong, even as structural changes reshape its global identity .
This ongoing debate reflects the broader tension between Western perceptions of Hong Kong and the city's actual trajectory under increased integration with the mainland. For Hong Kong readers, Roach's reversal following the IPO ranking recovery demonstrates that the city's financial fundamentals remain strong, even as structural changes reshape its global identity .