Many Hongkongers who are eligible to live elsewhere have not moved, a testament to their confidence in the city. And a disappointing stock market performance is no indicator of poor economic prospects – Hong Kong has gone through some low points, but bounced back each time.
There is no risk of China’s property sector woes spreading into a financial crisis but there is a policy-induced housing crisis and restrictions must be further eased.
While there are issues to be dealt with, the fundamentals of China’s economy are still sound, the government has ample room to adapt policies and the country’s industrial development will see it through the current property sector downturn and demographic headwinds.
Recent advances in artificial intelligence have sparked fears that the machines may one day take over. What distinguishes human beings from AI is consciousness of the kind that leads to independent and creative thinking.
With vaccination levels now among the world’s highest, Hong Kong is in a position to reconnect with the world, stem the economic pain and talent exodus, and start restoring its position as Asia’s financial hub and major tourist destination.
The claims of mainland China and Taiwan share their origin, but the US has never challenged those of the self-governed island.
In 2002, the US and the UN both declared a Uygur militant group a terrorist organisation. The US then considered China a partner in the war on terror. When the Trump administration delisted the East Turkestan Islamic Movement, it allowed the West to frame China’s anti-terror measures as ethnic persecution.
The enactment of the law has restored social stability and the freedoms that were suppressed by violent protesters. Hong Kong remains free and open, with its rule of law intact and an independent judiciary steeped in the common law tradition.