Read petesweeneypro's earlier analysis on how Hong Kong, long a haven for Chinese people escaping political and economic chaos, is fast losing its allure.
As Chief Executive Carrie Lam’s administration jails opponents and fumbles its pandemic response, news outlets have focused on distress radiating out of the Western expatriate community. Their loss, the argument goes, would make the city less “international”.Register now for FREE unlimited access to Reuters.comThe 2016 census showed the city had fewer than 60,000 Caucasian residents, 0.8% of the total. Ethnically Chinese people make up 92% of the 7.4 million population.
This community plays a crucial role intermediating between the city and the $15 trillion Goliath next door. Native Mandarin-speakers help banks, luxury brands and manufacturers understand and do business in the People’s Republic. The stock exchange’s charismatic former Chief Executive Charles Li, who linked equity and bond trading between Hong Kong, Shenzhen and Shanghai bourses – a game-changing reform – is a migrant from northern China.
Official projections suggest the financial hub needs average net inflows of over 40,000 people per year through 2069 to offset the accelerating contraction of its population. From the end of 2019 to the middle of 2021 the city lost 123,000 people. Since the contagion rate blew up in mid-February, net departures via the airport and land border have averaged over 3,000 per day.
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