Hong Kong’s brain drain

A change in the political atmosphere and a harsh zero-Covid regime has seen thousands flee the global financial hub. Does it have a future – or will Shanghai take over?

Hong Kong at night with lightning
The storm will not clear soon for Hong Kong
(Image credit: © Getty Images/EyeEm)

John Lee, the ultra hard-line Beijing loyalist who oversaw the introduction of Hong Kong’s bitterly controversial anti-sedition law, was anointed this week as the territory’s next chief executive. The selection, and Lee’s appointment, is another step in the steady dismantling of the “one country, two systems” principle that is supposed to give Hong Kong a special status until 2047.

Meanwhile, 800 miles to the north-east, Shanghai – the city that hopes to poach Hong Kong’s crown as China’s great financial hub – further tightened its already draconian lockdown measures. It came after president Xi Jinping vowed to “unswervingly” double down on the government’s increasingly controversial “zero-Covid” policy. Millions remain confined to their homes with no end in sight. And in both Hong Kong and Shanghai, question marks are growing over the cities’ futures as global financial hubs.

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Simon Wilson’s first career was in book publishing, as an economics editor at Routledge, and as a publisher of non-fiction at Random House, specialising in popular business and management books. While there, he published Customers.com, a bestselling classic of the early days of e-commerce, and The Money or Your Life: Reuniting Work and Joy, an inspirational book that helped inspire its publisher towards a post-corporate, portfolio life.   

Since 2001, he has been a writer for MoneyWeek, a financial copywriter, and a long-time contributing editor at The Week. Simon also works as an actor and corporate trainer; current and past clients include investment banks, the Bank of England, the UK government, several Magic Circle law firms and all of the Big Four accountancy firms. He has a degree in languages (German and Spanish) and social and political sciences from the University of Cambridge.