A Study on the Financial Status of Hong Kong in a Complex Social Context

Abstract

In the 25 years since Hong Kong’s return to Chinese sovereignty, the mainland’s economy has risen rapidly, and Hong Kong, China, is no longer a standout. Nonetheless, the Anti-Extradition Law Amendment Bill Movement in 2019 and the COVID pandemic have forced Hong Kong’s economy to experience a severe recession, particularly as the continued development of the COVID triggered a global financial crisis and a contraction of the national economy. Hong Kong will experience a more severe macroeconomic recession than the 2009 global financial crisis, with the unemployment rate expected to rise to 5.5% or even higher. Consequently, all sectors of society have voiced concerns about Hong Kong’s “uselessness” and “marginalization,” casting doubt on the city’s role as a global financial center. With its unique advantages, Hong Kong’s financial industry has basically completed its repositioning in today’s complex social background and seized the opportunities that can promote its own development in a timely manner so that the functions of an international financial center can continue to be played, and the international financial status is safe and stable.