Hong Kong already serves as both a financing centre and base for regional headquarters for foreign firms, while its role as a link between mainland China and Asean is expanding. As the city eases pandemic restrictions and reopens to the world alongside the mainland, it can take these roles to the next level.
Banks, balance sheets and local-currency bond markets are more robust than in 1997, there are no destabilising capital flows, and most currencies are no longer tightly pegged to the dollar. China’s projected economic rebound will also help regional recovery.