Jolted by political disruption and a crackdown by mainland China and the pandemic, global companies are moving to cities like Shanghai and Singapore.

According to the American Chamber of Commerce in Hong Kong, “42% of the 325 respondents said they were considering or planning to leave the city, citing uneasiness over China’s new security law and a pessimistic outlook of Hong Kong’s future.” The article shares that “more people—expatriates and locals—departed the business hub in 2020 than any year since the global financial crisis.” Once known as a bridge between the East and West, some argue that Hong Kong is no longer global enough to serve as their regional headquarters and it’s not as in tune to the mainland economy like Shanghai is.

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