Recently, due to the influence of various unfavorable factors and the decline in total GDP for two consecutive quarters, there have been remarks that Hong Kong’s status as a financial free port and an international financial center no longer exists. This article starts with the history of Hong Kong’s financial industry development, discusses in depth the multiple challenges and opportunities that Hong Kong faces now, and finally clarifies the future development direction. The article believes that Hong Kong is now in a critical period of both challenges and opportunities. Despite the depreciation of the U.S. dollar, the China–U.S. trade war, the anti-amendment incident, the COVID-19 pandemic, as well as the challenge for the rise of mainland financial centers, Hong Kong's development can usher in a good situation if it seizes the strategic opportunities, such as the “Belt and Road” policy, actively develops the RMB offshore financial market, and strengthens mutually beneficial cooperation with emerging financial centers in the mainland while striving to develop financial technology to promote industrial transformation. Hong Kong will not be marginalized and its unique financial status will not be repla
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Zhang et al. (2021) studied this question.