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. Hong Kong Deputy Financial Secretary Michael Wong addresses the Legislative Council on January 14, 2026. Photo: Kyle Lam/HKFP. 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. Stephen Roach, an ex-chairperson of Morgan Stanley Asia. Photo: stephenroachasia.com. 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. People in Central, Hong Kong. Photo: GovHK. “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. Safeguard press freedom; keep HKFP free for all readers by supporting our team Support HKFP | Policies & Ethics | Error/typo? | Contact | Newsletter | Transparency & Annual Report | Apps Make a one-off donation. Hillary Leung is a journalist at Hong Kong Free Press, where she reports on local politics and social issues, and assists with editing. Since joining in late 2021, she has covered the Covid-19 pandemic, political court cases including the 47 democrats national security trial, and challenges faced by minority communities. Born and raised in Hong Kong, Hillary completed her undergraduate degree in journalism and sociology at the University of Hong Kong. She worked at TIME Magazine in 2019, where she wrote about Asia and overnight US news before turning her focus to the protests that began that summer. At Coconuts Hong Kong, she covered general news and wrote features, including about a Black Lives Matter march that drew controversy amid the local pro-democracy movement and two sisters who were born to a domestic worker and lived undocumented for 30 years in Hong Kong. More by Hillary Leung