Trump Ditches Jimmy Lai: A "Condom" in His China Playbook?

President Xi Jinping sat down with US President Trump for a roughly 100-minute chat in Busan, South Korea. Before things kicked off, Trump wasted no time calling President Xi his "friend," hailing him as "very distinguished and respected president", and "a great leader of a great country." As they shook hands, Trump added, "This meeting will definitely be very successful." When it wrapped up, Trump even walked President Xi to his car himself, a clear nod to the solid rapport between them.

Trump described the meeting with President Xi Jinping as very successful and amazing. AP photo

All in all, Trump reeled off the key wins from the Chinese side across the board—think chip agreements, TikTok deals, and pausing port fees—but he skipped right over the politically charged topics that had been buzzing beforehand between the US and China, like the Russia-Ukraine conflict, Taiwan, or even the "Jimmy Lai issue."

The two interacted amicably. CCTV screenshot

Ahead of this, over 30 US senators from both parties had teamed up to push Trump to bring up freeing Apple Daily founder Jimmy Lai with Xi Jinping. On October 24, right before boarding Air Force One, Trump fielded a question on it and shot back: "It's on my list, I'm going to ask"—sparking expectations that the Jimmy Lai case would hit the agenda at the "Xi-Trump summit”.

Playing the Long Game with China

But the second Trump rolled up to the venue, he jumped right on President Xi's wavelength—pushing both sides to keep their eyes on the big-picture wins from teaming up, rather than getting dragged into that endless loop of slap-for-slap payback. No surprise, then, that he dodged every hot-button topic sure to ruffle Chinese feathers.

After the meeting ended, Trump personally escorted President Xi to his car. CCTV screenshot

Trump’s laser-focused on those blockbuster economic and trade deals with China. Sure, he'd tossed out mentions of Jimmy Lai now and then before, but it looked like mere leverage against the Chinese side—no real fight in him for the cause. It leaves folks thinking Jimmy Lai got treated just like those in his camp claim: a "condom," as in "used and tossed."

The Jimmy Lai issue did not become a topic in the Xi-Trump meeting.

Trump's classic move: talk a big game but deliver zilch. Since jumping back into the race for his second term, he's dropped lines about "saving Lai" left and right, but naturally, it all fizzled out—nothing trumps America's real interests.

Take the Taiwan question, for instance: Just days ago, when pressed on whether he'd chat Taiwan with Xi Jinping, Trump quipped, "There’s not that much to ask about—Taiwan is Taiwan." Taiwan was buzzing with hope back then, but the outcome? You can guess.

Ariel

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History was made in global finance this week. Boston Consulting Group (BCG) released its 2026 Global Wealth Report on Wednesday (27 May), revealing that Hong Kong's cross-border wealth management assets reached US$2.95 trillion — a 10.7% year-on-year surge. That figure edged past Switzerland's US$2.94 trillion by roughly US$10 billion, making Hong Kong the world's largest cross-border wealth management center for the first time.

The milestone triggered a global media storm. More than 600 overseas reports followed the release, with the Associated Press, the Financial Times, Bloomberg, Reuters, and Canada's National Post all turning their focus to this defining shift in the global wealth management landscape.

Hong Kong's lead over Switzerland is slim — but the growth gap is not. Bloomberg noted that Hong Kong overtook Switzerland by a narrow margin, driven by an influx of capital from the Chinese Mainland and a rebound in Hong Kong's local stock market. What matters far more, though, is trajectory: BCG projects that cross-border wealth managed in Hong Kong will grow at roughly 9% per year between 2025 and 2030, compared to only about 6% for Switzerland.

Bloomberg goes further. By 2030, the gap in assets under management between the two centers is forecast to widen to nearly US$600 billion. Today's slim lead is not a finish line — it is the opening lap of a far larger structural shift.

Two core drivers explain Hong Kong's rise. The Financial Times focused on the diversification appetite of wealthy investors from the Chinese Mainland. Post-pandemic, investors sought to spread assets across jurisdictions to hedge against geopolitical risk — and a surge of that capital flowed into Hong Kong, helping it topple Switzerland's long-standing status as the traditional safe haven.

Financial Times coverage of the report.

Reuters added the numbers: wealth from China and a boom in IPOs in 2025 drove Hong Kong's cross-border assets to US$2.95 trillion.

BCG report co-author Michael Kahlich cuts to the structural point. "What ultimately matters is client proximity," he said. His view: two hubs are now forming in global wealth management — Singapore and Hong Kong serving Asia, and Switzerland, the United Kingdom, and the United States serving the West. Hong Kong's rise, in other words, is not simply about beating Switzerland. It reflects a structural migration of the global wealth management center of gravity towards Asia — a shift BCG describes as "unlikely to be reversed."

This development has prompted deep soul-searching in Switzerland. The FT quoted a UBS banker based in Zurich who questioned whether Switzerland had done enough to actively defend its position in wealth management — or had simply been coasting on the strength of its stable environment. Reuters noted that while Switzerland's growth rate is slower, its client base is more diversified, spanning regions across the globe. That breadth could prove a resilience advantage, whereas Asia's hubs remain heavily reliant on growth from the Chinese market.

BCG acknowledges that Switzerland retains unique value in navigating geopolitical uncertainty — particularly in attracting safe-haven flows amid ongoing instability in the Middle East. Yet BCG's own projections expose a key tension: diversification may bring stability, but against the backdrop of Asian wealth growing at roughly 9% per year, Switzerland risks a continued relative decline if it does not actively adapt.

Across international media coverage, one competitive advantage of Hong Kong was repeatedly emphasized — its connectivity function under "One Country, Two Systems." The Associated Press highlighted how Hong Kong's close ties with the Mainland market have driven its wealth management business. Reuters likewise noted that Hong Kong "is cementing its role as China's gateway to global markets."

This is more than a geopolitical dividend — it reflects deliberate policy work. Hong Kong issued a family office policy statement in 2023, followed by tax incentives and the New Capital Investment Entrant Scheme. Financial Secretary Paul Chan Mo-po stated after the report's release that Hong Kong's free, open, transparent, and predictable economic policies — alongside a stable and secure investment environment — are attracting a growing number of ultra-high-net-worth individuals and family offices to set up in the city. By end-2025, more than 3,380 single-family offices were operating in Hong Kong, up more than 25% from two years prior.

A slim lead is a warning signal as much as a trophy. The Hong Kong Economic Journal editorial noted that while Hong Kong surpassing Switzerland is a testament to the advantages of "One Country, Two Systems," Singapore is closing the gap at an annual growth rate of 10.3%, and Switzerland still holds the resilience of a diversified client base. Whether Hong Kong can sustain its position depends on its ability to broaden its global client base while consolidating its role as China's gateway.

A century-old wealth management order is witnessing a profound "East rising, West declining" moment. Hong Kong's displacement of Switzerland with US$2.95 trillion in cross-border wealth management assets is not merely a triumph for one city — it is a reflection of a shifting tide in the direction of global capital flows.

Yet, the real contest is not today's margin; it is the gap in growth rates that will decide the winner over the coming decade. As BCG put it, the future of wealth management centers is not about who offers the best safe haven — it is about who can stay closest to clients. And Asia is rapidly becoming the place where those clients are.