Commentary
At one point in time, Hong Kong was undeniably one of the world’s greatest cities. Low tax rates, proximity to other Asian countries, good for weekend getaways, and high life expectancy rate, to name a few attributes. Above all, Hong Kong boasted itself as one of the “freest cities” on earth—a great international financial center in Asia. As a hedge fund professional who spent 20 years of my working life in Hong Kong until mid-2021, I won’t dispute that front. That was the “old Hong Kong” model when things were still intact.
With the enactment of the National Security Law (NSL) effective June 30, 2020, the last 2 and a half years of changes in Hong Kong have been brutal. The extreme makeover politically drags down the city, and it has gradually turned itself into a police state. The rule of law in Hong Kong is destroyed, and the “one country, two systems” model is now more a myth and a joke. In the name of national security, the “factotums” of Hong Kong, as described by a recent opinion piece in The Wall Street Journal about media tycoon Jimmy Lai’s unjust trial, the totalitarian regime has brought down the reputation of the once famed financial city to an all-time low….