Official criticises ‘anti-China bias’ after ex-banker calls Hong Kong ‘just another big Chinese city’

A top official has hit back at remarks by a former Morgan Stanley Asia chair who said Hong Kong has become “just another big Chinese city,” arguing that his views were rooted in anti-China bias rather than objective analysis.

Acting Financial Secretary Michael Wong said in a Sing Tao op-ed on Wednesday that recent media commentary had attempted to “talk down Hong Kong’s prospects” and ignored the city’s “extraordinary resilience.”

He appeared to be referring to Stephen Roach, an ex-chair of Morgan Stanley Asia. Earlier this month, Roach criticised what he described as the city’s “dramatic transformation,” writing of a compromised rule of law and crackdowns on activism.

Titled “From Hong Kong to Xianggang,” using the Mandarin romanisation of the city’s name, Roach’s op-ed also highlighted the dominance of Chinese companies in Hong Kong’s IPO market.

While the city had “reclaimed its former position of global IPO leadership,” Roach wrote on his Substack, the trend reflects “deliberate support from Beijing.”

“Hong Kong is now less a thriving global IPO market than China’s principal international fundraising platform,” he added.

In response, Wong said the international community’s recognition of Hong Kong’s advantages “is growing ever stronger.”

“In the latest Global Financial Centres Index, Hong Kong maintained its position as third globally, achieving a higher score than in the previous report,” Wong wrote in Chinese.

Hong Kong’s economy has also bounced back in recent years, he said, citing figures showing increased economic growth and trade.

‘Full confidence in Hong Kong’

Roach’s comments on Hong Kong have drawn backlash before.

In 2024, Roach wrote in the Financial Times that Hong Kong was “over,” citing the poorly performing stock market at the time and the Beijing-imposed security law erasing “any remaining semblance of local political autonomy.”

In his recent op-ed, the ex-banker said he conceded that the stock market had risen over the years more than he expected, but that this was neither an apology nor a concession.

“The city is not ‘over’ in the physical sense of its stunning outward appearance. Moreover, the pro-Beijing government has made a determined effort to spin a tale of resilience and competitive innovation,” Roach wrote.

He also cited developments such as the resignation of foreign judges from the city’s highest court, the closure of independent bookstores, and the influx of mainland Chinese immigrants against an exodus of expatriates.

“Walking the streets of Hong Kong, today you are more likely to hear Mandarin than Cantonese, a dramatic shift in the tone of the city from its pre-2020 past,” Roach wrote.

Wong slammed Roach’s criticism, saying that investors and talent have shown “full confidence in Hong Kong” thanks to the city’s “global connectivity and international character.”

“Some critics appear to be driven more by bias against China than by objective analysis. Their criticisms are neither supported by evidence nor aligned with facts,” he wrote.