Yes, the Hong Kong of Old Is Over by Stephen S. Roach

The pro-China camp continues to tout Hong Kong’s resilience, recently pointing to the fact that the city has reclaimed its position as the global IPO leader. But conveniently left out of this narrative is that resilience has come to depend on the direct intervention of the Chinese authorities.
NEW HAVEN—Hong Kong deserves credit for putting up a fight. In the nearly two and a half years since I expressed the apparently controversial opinion that Hong Kong is “over,” the city’s boosters have orchestrated a determined campaign to prove otherwise.