Will the big fire in Hong Kong burn away the city's fortune?

Author: Yue Xiaoyu; Source: X, @yuexiaoyu111

On the evening when the big fire broke out in Hong Kong, I had just boarded a plane leaving Hong Kong.

I saw this news before takeoff, watching a scene of a group of buildings on fire, and I felt a sense of my mind being shaken.

This shock and unease suddenly brought me back to the turmoil that occurred in Hong Kong five years ago.

I suddenly realized that I have been a witness to various historical events in Hong Kong all along.

1️⃣ Five years ago, I was still studying for my master's degree in Hong Kong, and I still remember hearing the protest sounds outside the window while I was in class.

After spending a year studying in Hong Kong, I thought I would never return to Hong Kong again.

At that time, I thought Hong Kong was “both shabby and expensive”, and since I was studying computer science, it would be better to return to the mainland.

So, at that time, I had no intention of staying in Hong Kong, even though many of my classmates had applied for work visas.

I don’t think there will be any intersection with the city of Hong Kong anymore.

But I didn't expect that, after five years, I would return to Hong Kong again, and I will stay in Hong Kong for many years.

2️⃣ Last month, I was in Hong Kong and stayed there for more than a month.

This time returning to Hong Kong, my perception of Hong Kong and my own mindset are completely different.

I was pushed to Hong Kong by various coincidences, but upon reflection, these coincidences actually indicate some things behind them:

Hong Kong is a platform that is easier for mainland people to reach, a stepping stone to go outward.

Discontented locals in Hong Kong, who felt powerless after protesting, have already left five years ago, immigrating to countries in Europe and America.

The hundreds of thousands of people who have left are now being filled in by the mainlanders who are being introduced.

The previous opposition and division in Hong Kong society, after a concentrated outbreak, have instead accelerated the path towards integration.

I arrived in Hong Kong against this backdrop, following this wave of migration to Hong Kong.

Especially, as a practitioner in the cryptocurrency industry, Hong Kong is currently the only region in China that accepts and even encourages this industry, so coming to Hong Kong feels more like panning for gold.

Hong Kong needs the supplement of talent from the mainland, and Hong Kong needs to develop new industries, so I came here.

3️⃣ Is Hong Kong declining? Is Hong Kong becoming similar to mainland cities?

Even if the answers to these questions are affirmative, it still cannot change the special status of Hong Kong.

The uniqueness of Hong Kong lies in the principle of 'one country, two systems'; the soil of the system determines the superstructure.

Hong Kong will continue to be China's financial backdoor, educational backdoor, and identity backdoor now and in the future.

Finance flows freely here, educational resources are abundant, and identity is independent from the mainland.

If China is a fortress surrounded by walls, then Hong Kong is a door left open.

Perhaps there is currently an effort to strengthen control over this door, or to narrow it, but this door will always exist.

4️⃣ Why do Westerners come to Hong Kong visa-free, while Chinese people still need to apply for a visa to Hong Kong?

Because there are no thresholds set, Hong Kong's resources cannot accommodate the influx of so many people from the mainland.

Hong Kong still has its appeal and is the easiest overseas springboard for people from the mainland, so it naturally needs to be restricted and some selection should be made.

After working in the mainland for a few years, I have become more aware of the importance of this springboard.

Since then, I have become a member of the Hong Kong expatriate community.

5️⃣ Does crypto really have no borders?

Although everyone says that the Crypto industry knows no borders and many practitioners work remotely, in reality, there is reproductive isolation in every industry.

So, I also need to find a suitable habitat. Currently, Hong Kong is one of the few places where there are still opportunities for Crypto practitioners from the Chinese community.

In this great fire in Hong Kong, many blockchain companies have also made donations, and compared to traditional internet giants, the amount of funding can also hold its own.

In fact, this also indirectly verifies that Hong Kong has already accepted the blockchain industry.

6️⃣ Someone asked, will the great fire in Hong Kong burn away the fortune of this city?

Natural disasters are often caused by human errors, which are not just isolated issues like bamboo sheds or protective nets, but rather systemic governance problems.

A major fire has exposed some deep-seated issues in Hong Kong, such as regulatory loopholes and potential collusion of interests, etc.

Whether Hong Kong still has fortune depends on whether these issues can be self-reformed by Hong Kong.

A city with the ability for self-renewal will have resilience and be more vibrant.

As a member who is in Hong Kong and is bound to Hong Kong, I hope that Hong Kong can achieve this kind of self-reform.

Self-reform depends on the effectiveness of the underlying institutional design.

Now, I am no longer just an observer of this city; I have actually become personally involved and am experiencing all of this firsthand.

I choose to bet on Hong Kong.