Hong Kong has long been known as a vibrant, multiethnic hub. Recently, however, it has faced criticism for being stifled under the weight of Chinese authoritarian rule. The Hang Seng Index, however, has risen, which supporters argue is a sign that Beijing will secure the city’s prosperity.
Since earlier protests demanding democratic reforms—some of which turned violent—Hong Kong’s once-busy streets have become quieter. Strict COVID-19 quarantine measures added to this dramatic transformation, leading many to speculate whether Hong Kong’s status as a global financial center was at risk.
Despite these challenges, the rise in the Hang Seng Index indicates that economic resilience remains. In this shifting landscape, defenders of Beijing’s policies are optimistic about Hong Kong’s continued success.