For a century and a half, under British rule, Hong Kong became one of the greatest economic centers in the world. It was amazing, really. That this small island with virtually no natural resources could become such a material and economic powerhouse was one of the truly astounding stories in mankind’s history.
But then, in 1997, England gave Hong Kong back to China. For about two decades, the island was still an attractive location for businesses and investors as Beijing largely spent its resources building the mainland infrastructure through foreign investment, loans, and theft—much of the latter. But in 2020, the CCP turned its attention to Hong Kong and shattered the pro-business atmosphere in the city. Tyranny cannot allow freedom to prosper, and the CCP is nothing if not synonymous with “tyranny.”
Beijing’s “National Security Law” of 2020 wiped out many of the city’s economic attractions. Property values have tumbled by about 25 percent since 2021. Property transactions are down 30 percent since 2019. Foreign firms began to move out of Hong Kong in droves. Big names such as Goldman Sachs and JP Morgan have moved their assets from Hong Kong, mostly to Singapore. In total, some 40 percent of U.S. firms that operated in Hong Kong in 2019 have left the city, and half the foreign firms still left there have announced their intention to leave. Hong Kong’s financial markets have fallen by some 90 percent since 2020. Some 700,000 Chinese have left the city. A great tragedy for the people of Hong Kong.
So, a once-great city is being destroyed by communism. It isn’t a surprise, indeed, it is to be totally expected. But it is still sad. How long will it be before the world wakes up to the true horrors of Marxism?