He Jun
Hong Kong and Singapore are two Asian city-state economies that have often been compared. The former is recognized as a regional international financial center, while the latter is a functional international financial center within ASEAN. Before 2019, Hong Kong held a higher status as an international financial center compared to Singapore, where it had a larger capital market and more comprehensive financial services.
However, since 2019, the situation has changed significantly. In 2019, Hong Kong experienced nearly a year of social unrest, which severely impacted its image as a free and secure international financial center. Starting in 2020, the three-year COVID-19 pandemic, combined with the increasingly severe anti-globalization wave and geopolitical conflicts, has greatly affected Hong Kong as well. Over the past five years, the development trajectories of Hong Kong and Singapore have diverged, with Hong Kong declining and Singapore rising.
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