Although during the Asian financial crisis and other market slumps, Hong Kong has been a victim of circumstance, critics believe that strong leadership from Tung Chee-hwa, the SAR Chief Executive, and his administration has not been forthcoming, leading to something of a decline in the jurisdiction's fortunes.

They point to self-censorship and a desire on the part of many to ingratiate themselves with the newly open mainland as the main curbs to economic and social development within Hong Kong, and suggest that the 'one country, two systems' policy should be exploited to the full in order to claw back the SAR's prime position as the Asian financial hub.

On the other hand, it is believed that the jurisdiction's balanced attitude to e-commerce regulation, as expressed recently by the Chief Executive of the Securities and Futures Commission, Andrew Procter, should stand it in good stead for the future. A survey conducted by the Political and Economic Risk Consultancy in early September also awarded Hong Kong top marks in a poll of expatriates surveyed about lack of state interference in business.