Hong Kong deserves credit for putting up a fight. In the nearly two and a half years since I expressed the apparently controversial opinion that Hong Kong is "over", the city's boosters have orchestrated a determined campaign to prove otherwise.
At first glance, this heroic defence seems to have some merit. Hong Kong's economy has been relatively resilient, and a resurgence of the Hang Seng Index has erased memories of the 2018–20 collapse stemming from political turmoil. Moreover, the city has reclaimed its position as the global IPO leader, giving it bragging rights as Asia's premier financial centre. Paul Chan, Hong Kong's financial secretary, and other leading government officials consistently sing its praises.
