A senior Hong Kong finance official has responded sharply to recent criticism of the city’s future, labeling it as "bias against China." The rebuttal followed an opinion article by Stephen Roach, a Yale University faculty member and former chairman of Morgan Stanley Asia, who argued that "the Hong Kong of old is over."

Roach’s commentary, titled "Yes, the Hong Kong of old is over," claimed that despite some market rebounds, Hong Kong has fundamentally shifted from an autonomous, globally connected financial hub to one increasingly dependent on mainland China. He highlighted that Hong Kong’s recent financial recovery, including regaining the top spot for initial public offerings (IPOs), was largely driven by mainland Chinese firms, portraying the city as a specialized platform for mainland issuers rather than a broad-based global market.

In response, Deputy Financial Secretary Michael Wong Wai-lun wrote in a commentary published on Wednesday by a local newspaper that the criticism was not supported by evidence and was misaligned with facts. Wong stated, "Some critics appear to be driven by bias against China rather than objective analysis. Their criticism is neither backed by evidence nor aligned with facts. On the contrary, investors and talent have full confidence in Hong Kong, drawn by our global connectivity and international character."

The government’s rebuttal did not directly name Roach but was clearly published following his article, addressing the concerns raised about Hong Kong’s evolving status.

Sources