US Time Magazine Admits Mistake in 25-Page Article: Hong Kong Not Dead After Return

Editor's note: The authoritative American magazine Fortune once predicted in 1995 that Hong Kong would perish after the handover. However, ten years after Hong Kong's return, the latest issue of Time magazine re-examined this statement 13 years later, devoting an entire 25 pages to admit that its sister publication Fortune's previous report was incorrect, and openly acknowledged that Hong Kong is now more vibrant than ever.

By Zheng Jie

The latest issue of Time magazine published a cover story stating that Hong Kong is more vibrant now than ever before, ten years after its return to China, and that Hong Kong's future is closely linked to China's future. Meanwhile, The New York Times also pointed out that the remnants of British rule in Hong Kong are about to fade away, and no one feels sorrow over it.

Time: Sunny with Clouds

The latest issue of Time magazine explores the changes in Hong Kong over the past decade since the handover in a 25-page feature, and looks forward to Hong Kong's future under the title "Sunny with Clouds."

The article states that Time's sister publication Fortune had once predicted in 1995 that the handover would lead to Hong Kong's demise, but not only did Hong Kong not perish, it has even become more vibrant: "Time's sister publication Fortune once dishonorably and erroneously predicted that Hong Kong's return to China would bring about its death. But Hong Kong is now even more full of life than before."

The article points out that Hong Kong has experienced financial storms, avian influenza, SARS... When the world thought that Hong Kong's days as a blessed land were over, Hong Kong managed to overcome each challenge one by one. On the eve of the handover, the stock market index (a key barometer of Hong Kong's health) maintained at the then-record high of 15,200 points, and now it hovers near the 21,000-point mark, with property prices steadily rising.

"As part of a thriving China, this almost guarantees its perpetual prosperity," the article wrote.

However, Time also believes that despite the bright sunshine, there are clouds in the clear sky: Hong Kong's future is still influenced by many uncertainties. The people of Hong Kong still feel lost in terms of identity and positioning. And Mainland China is not only a partner but also a competitor; as China continues to ease investment rules and make business more convenient, more and more companies may choose to operate directly on the mainland.

The New York Times: Relics fading, no mourning

The New York Times published an article on June 6th reviewing the colonial imprints in Hong Kong that are gradually disappearing from before the handover until now. As the title says, "A vestige of British rule is about to vanish, and no one mourns."