How Hong Kong is fighting to redefine its future with an institutional moat, wealth surge

For decades, warnings of Hong Kong’s terminal decline have arrived in periodic waves. When Stephen Roach, the former chairman of Morgan Stanley Asia, ignited a firestorm with his February 2024 assertion that “Hong Kong is over”, he pointed to a toxic cocktail of domestic and external pressures. Roach, who doubled down on his “wake-up call” a year ago, argued that the city’s economic glory was being extinguished by a loss of political autonomy following 2020’s national security law, the spillover...