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. **
Panama's Supreme Court just canceled CK Hutchison Holdings' port concession contracts, declaring them unconstitutional and seizing back two strategic ports. Make no mistake: this isn't about legal niceties. It's a textbook case of American muscle erasing what used to be Panama's free business environment.
A Hong Kong government spokesperson slammed any foreign power using coercion or pressure to bulldoze Hong Kong companies' legitimate business rights abroad.
But the real story lies in the sequence of events. Watch how quickly things unravel when Washington decides it wants something.
A Three-Decade Partnership Suddenly "Unconstitutional"
CK Hutchison had been running port facilities at both ends of the Panama Canal since the 1990s. The contract got renewed in 2021. Leading up to that renewal, Panama's own Audit Office confirmed in its 2020 report that Panama Ports Company—CK Hutchison's local subsidiary—"substantially complied with the concession contract terms." Panama's Maritime Authority echoed that assessment in 2021, stating the company "fully fulfilled the responsibilities of the concession contract."
Fast forward four years. Trump returns to the White House in January 2025, and everything flips. In his inaugural address, Trump signals what's coming: he declares the Panama Canal vital to US interests and vows to "take it back".
Days after Trump's comments, Panama's Audit Office announces a sweeping investigation into CK Hutchison's port operations. The stated goal: determine whether the company honored its concession contract, fully reported revenues and expenditures, and whether corruption tainted the renewal process.
Rubio's Visit Sets the Dominoes Falling
The Trump administration keeps turning the screws. On February 2, 2025, Secretary of State Marco Rubio flies to Panama, pressuring the country to distance itself from China. President José Raúl Mulino caves immediately: he announces Panama's withdrawal from China's Belt and Road Initiative and pledges to strengthen cooperation with the United States to boost American investment in the region.
Two days after Rubio's visit—just 48 hours—two Panamanian lawyers file suit in local courts. They allege Panama Ports Company "violated 10 constitutional provisions" and demand cancellation of CK Hutchison's operating rights at two local ports. The timing isn't subtle.
In July, after months of "study," Panama's Comptroller General formally files suit, asking the court to declare the 25-year port operating contract CK Hutchison signed in 2021 unconstitutional. The Comptroller goes further, criticizing CK Hutchison for insufficient loyalty to the Panamanian government and harming Panama's interests.
On January 12 of this year, Panama conducts joint military exercises with US forces. The declared goal: defending this Central American nation's strategic canal waterway. The message to anyone watching is crystal clear.
A Judicial Rubber Stamp on Raw Power
Finally, Panama's Supreme Court rules that CK Hutchison's port operating contract is unconstitutional. Anyone claiming this was normal judicial procedure isn't paying attention. The reality is Panama buckled under massive US pressure, ripping up a valid contract and forcibly seizing back the operating rights to Panama's ports.
Hong Kong companies have poured substantial investment into Panama and delivered significant long-term economic contributions, supporting local economic development. Panama Ports Company, CK Hutchison's subsidiary, has invested 1.7 billion balboas (approximately HK$13.2 billion) to date—far exceeding the 1.05 billion balboas required by the original contract and supplementary agreements. During its operations, Panama Ports Company contributed 670 million balboas to Panama, dwarfing the contributions of other port operators.
According to Panama's own Comptroller General's evaluation, Panama Ports Company actually contributed over 5.9 billion balboas to the local economy through port added value, indirect benefits, and direct payments to Panama. Those numbers tell the story Washington doesn't want told.
Billions Invested, Contract Honored—Then Torn Up
Hong Kong enterprises consistently invested and operated according to the contract, making important contributions to Panama's economy. Yet Panama, under US pressure, arbitrarily tears up the contract and unilaterally revokes the port operating rights. The absurdity is breathtaking.
This incident carries several layers of implications worth examining closely.
The Panamanian government has become a complete puppet of the United States, arbitrarily confiscating foreign enterprises' assets. Hong Kong and Chinese Mainland enterprises will hesitate to further invest in the region.
Hong Kong's business leaders facing Washington's muscle have one clear path forward: align firmly with Beijing and push back hard. It's the only way to safeguard what's theirs—dignity and capital alike. And you can bet the nation will keep backing Hong Kong companies as they fight to reclaim their rightful business interests.
When US Hegemony Rewrites the Rules
Look at what US unilateral hegemony actually delivers: Washington slaps tariffs on whoever it wants, threatens military action, and tramples the very international rules it once lectured the world about. Under American pressure, investment climates in targeted regions turn into pure jungle. Legal protections evaporate the moment Washington wants them gone.
Stop pretending business operates in some politics-free zone. The truth is: capital has a passport—always has, always will. For businesspeople to survive in this landscape, backing your nation's position isn't optional. It's the baseline for keeping what you've built.
Lo Wing-hung
