Hong Kong not being able to diversify its economy beyond real estate and finance disabled it from having strong leverage. The Hong Kong that was rich enough to

Hong Kong not being able to diversify its economy beyond real estate and finance disabled it from having strong leverage. The Hong Kong that was rich enough to support Sichuan after the 2008 earthquake is now arguably less economically dynamic than Beijing, Shanghai, Guangzhou, and of course its neighbour, Shenzhen. Hong Kong was in a weak position unable to dictate terms to Beijing. And I think Beijing of course prefers that. I think there is a lot of schaedenfreude in the hearts of mainlanders also, as Hong Kong people used to look down on mainlanders, especially when the HKD was worth so much more than the RMB. I remember people complaining how mainlanders would break toilets by squatting on them because they didn't know how to use sit-down toilets. China's basically like, "Look at me. I am the captain now."