Hong Kong's Woes Aren't Over Yet

As stocks rose all across Asia in recent days, the financial markets seemed to be sending a signal: the worst is over. The market sentiment was especially strong in Hong Kong, where investors and residents alike were swept into the maelstrom that sucked in Thailand, Indonesia, and Korea. But this may be a false dawn. Even Hong Kong, once the economic jewel of the region, is facing stresses that will dampen growth for some time to come.

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