In today's America, there's a yawning gap between what politicians say and what businesspeople actually do. US political circles remain thick with doom-and-gloom talk about Hong Kong. Many still cling to the narrative that "Hong Kong is dead." But look at what American companies are actually doing on the ground, and you'll see the story politicians tell bears little resemblance to reality.
The American Chamber of Commerce in Hong Kong ran a survey from November through January, polling senior representatives from 450 US corporate members about Hong Kong's business prospects. With a 25% response rate, the findings carry real weight.
Optimism Surges 20 Points
According to the AmCham survey, 53% of American companies now feel "very optimistic" or "optimistic" about Hong Kong's business environment over the next 12 months—a dramatic 20-percentage-point leap year-on-year.
The assessment of the past year's business climate is an even more striking reversal. In 2024, 37% of US firms rated Hong Kong's operating environment "very good" or "good," while 42% judged it "not very good" or "poor"—a net negative of 5%.
Fast-forward one year. The share of US businesses rating last year's environment "very good" or "good" climbed 7 points to 44%. Those calling it "not very good" or "poor" plunged 15 points to 27%. That's a complete turnaround: a net positive of 17 percentage points. American businesses have fundamentally reversed their view of Hong Kong's operating climate.
Staying Put — and Confident
When it comes to future plans, US companies with no intention of relocating their headquarters over the next three years surged 13 percentage points to 92%. As for Hong Kong's rule of law—relentlessly attacked by the US government—94% of respondents expressed being "very confident," "confident," or "relatively confident," up from 83% a year earlier and 79% the year before. Only 6% reported insufficient confidence, an 11-point drop from the prior year.
On the more sensitive question of the National Security Law and its impact on their business environment, 74% said they experienced no negative effect. Only 26% reported adverse impacts—and even that negative share dropped 4 percentage points from the previous year.
Overall, the AmCham survey paints a strikingly positive picture. Most respondents not only shrug off concerns about the National Security Law's impact on the local business climate—they're downright optimistic about Hong Kong's future operating environment.
Remember what happened over a year ago when Hong Kong filmed a tourism promotional video featuring AmCham members? The member who participated in the film faced trouble the moment he returned to the United States. The video was entirely non-political, purely about tourism. Yet anti-China lawmakers summoned the AmCham member for Congressional questioning, creating a firestorm of hassle. That's American freedom of speech in action. In anonymous surveys, American businesspeople tend to speak far more honestly.
The key takeaway? American businesspeople are casting their votes for Hong Kong with their feet—staying put, continuing to invest, and betting on Hong Kong's future prospects.
Saying No, Acting Yes
Western forces led by the United States have recently seized on Hong Kong's national security cases to relentlessly attack the "One Country, Two Systems" framework. But they're "saying no to Hong Kong with their mouths while being brutally honest with their bodies"—some badmouth Hong Kong while others quietly invest and rake in profits there.
Meanwhile, the Central Government consistently implements its One Country, Two Systems policy toward Hong Kong. On one hand, it backs Hong Kong's enforcement of the National Security Law, creating a peaceful and stable business environment and curbing political unrest. On the other hand, Hong Kong maintains its rule of law traditions, allowing foreign investors to do business confidently without fear of unfair treatment.
Looking back at Hong Kong's economic data from last year, the performance was genuinely impressive. Hong Kong's GDP expanded 3.5%. External merchandise trade jumped 15.4% to a record HK$5.24 trillion. Visitor arrivals hit 49.9 million, up 12% year-on-year. The Hang Seng Index climbed 27.8%. And Hong Kong's IPO scale tripled year-on-year, claiming the top spot among global exchanges.
Hong Kong's free economic system and vibrant economic activities are drawing increasing numbers of foreign companies—including American firms. In 2025, the number of foreign-funded companies with offices in Hong Kong reached 11,070, up 11% year-on-year, setting a historic record. The evidence is clear: Hong Kong remains a magnet for foreign investment and an exceptional place for free enterprise.
Lo Wing-hung
Bastille Commentary
** The blog article is the sole responsibility of the author and does not represent the position of our company. **
US President Trump's baffling maneuvers have trapped himself in a chaotic command dilemma in the war against Iran.
Online commentary jokes that Donald Trump follows "The Art of Donald", or say, “The Art of Don’t Know”—" If even I know not my next move, how then could the enemy? "—implying that Trump blindly charges ahead, and naturally the enemy can’t decipher his strategy because he has none at all.
Before launching the conflict with Iran, Trump relied heavily on the United States’ military supremacy—aircraft carriers, stealth fighters, Tomahawk missiles, and the THAAD defense system. He assumed a heavy bombardment campaign would either topple the Iranian regime or force it to surrender.
This single-script scenario repeated everywhere like a formula. When Iran’s actual response deviated from the script, Trump, the director, found himself at a loss and resorted to "The Art of Donald."
First, the bluffing
Just over a week ago, Trump concluded the war was unwinnable and called for peace talks with Iran. On March 30, he posted on his self-founded social media platform Truth Social, claiming serious negotiations with a "new, more rational regime" in Iran had made significant progress.
Yet, Trump simultaneously threatened that if talks failed, the US would utterly destroy all of Iran’s power plants, oil wells, and the oil export hub Kharg Island.
The United States keeps sending more Marine Corps troops to the Middle East as a clear show of force, trying to pressure Iran into talks. The goal is to quickly reach a ceasefire and force acceptance of the so-called "15-point ceasefire plan" pushed by the US, effectively demanding total surrender.
But, if deploying troops were so straightforward, Trump would have already sent forces on the ground. His repeated talk of troop deployments is more bluff than action—he is determined to avoid another Afghanistan-style quagmire. Iran has seen right through these empty threats.
Second, the blown cover
If Russia’s protracted three-year assault on Ukraine has gradually exposed its limits, the United States blew its cover in just three weeks—both diplomatically and militarily. Trump claimed for over a week that talks with Iran were underway, but Tehran has flatly denied it. On March 31, Iranian Foreign Ministry spokesman Baghaei posted on the X platform, rejecting claims of negotiations. He said, "In the past 31 days, we have had no negotiations with the United States. The US has only transmitted a series of proposals to Iran via intermediaries including Pakistan." Baghaei emphasized that Iran hasn't forgotten past failed talks with the US
Trump has essentially been negotiating with thin air. If forced to choose between the US and Iranian accounts, I’d believe Iran. Genuine talks have not happened. The US has merely relayed peace proposals through third parties, with no real bargaining underway.
The US has also revealed military vulnerabilities. After Iran hit the supposedly invincible F-35 stealth fighter jet, on March 27 Iran attacked the US Prince Sultan Air Base in Saudi Arabia, damaging multiple American aircrafts. A $300 million E-3 Sentry Airborne Early
Warning and Control aircraft was struck by an Iranian missile on the runway as it prepared for takeoff, breaking in two—a first for the E-3 in wartime. This incident reveals serious flaws in the US missile defense system, thus allowing Iran’s destruction of such a vital early-warning aircraft.
Earlier, the US aircraft carrier USS Gerald R. Ford had cited a laundry room fire before withdrawing from the Red Sea combat zone. But on March 17, Trump told the audience at a Saudi investment forum in Miami that the Ford was attacked. He said Iranian missiles struck the carrier from 17 different angles, putting the situation on board in grave danger. Trump's unexpected disclosure casts doubt on the official explanation that a laundry fire prompted the Ford’s exit from the Middle East, suggesting it was in fact hit and caught fire.
The US military’s cover is quickly blown in the US-Iran conflict.
Thirdly, Risks and Opportunities
Trump’s so-called “Art of Donald” lacks a follow-up plan, leaving a deadlock that stalls any deal with Iran. US officials told The Wall Street Journal, in a report published on March 30, that Trump informed aides he would be willing to halt military operations against Iran even if the Strait of Hormuz remains largely closed. Instead, pressure would shift to diplomatic channels to restore free trade flow. Essentially, Trump plans to unilaterally halt hostilities if negotiations with Iran collapse.
With oil prices surging, the whole world must share the burden—Hong Kong included. Yet amid the chaos, Hong Kong finds some opportunities. On March 31, the Ministry of Foreign Affairs confirmed that three Chinese vessels passed through the Strait of Hormuz, including the Hong Kong-registered container ships CSCL Arctic Ocean and CSCL Indian Ocean, which had been stranded in the Persian Gulf for over a month.
Since late February, this is the first time that China’s large ships have transited the Strait, restoring confidence in the global supply chain. Coordinated by the Chinese government, Hong Kong’s container ships remain among the few commercial vessels able to navigate Hormuz. Amid Middle East turmoil, Hong Kong stands out as an alternative stable choice—and it must seize these opportunities.
Lo Wing-hung
