Hong Kong will struggle to maintain its prosperity and role in the world as its politics converge with those of Beijing. But China’s finances are also at risk if the territory’s demise is abrupt.
Hong Kong, whose emblem is the bright red Bauhinia flower, draws its strength from its historical roots as a gateway for trade and finance between China and the rest of the world. As a Special Administrative Region, the city has been able to enter into treaties with counterparties that consider it distinct from China, further solidifying its position as an offshore centre.
For the business community, Hong Kong has long been an attractive...
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