The writer is former Asia chair of Jefferies and a former chief executive of CLSASince settling in Hong Kong in the mid-1980s, I have observed its numerous cycles of prosperity and adversity during a time when booms and busts were an expected part of living here. During exogenous shocks such as the Asian and global financial crises, there was an understanding that government response was limited and that Hong Kong’s business class would need to get off the floor, wipe their trousers and get back to work.
After all, a laissez-faire economy and government intervention are opposite ends of the coin. Yet as Hong Kong again faces profound challenges, we are mired in misplaced emphasis on government policy that has very little to do with how the economy operates and how the territory finds its ever-changing role in the world economy.
The real drivers of Hong Kong’s success have always been its dynamic business environment, its consistent openness to those chasing prosperity, and a society that is genuinely inclusive of individuals from varied backgrounds seeking opportunities.