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China’s Growing Power Is Scaring Ordinary Savers Out of Hong Kong

Bank of America estimates outflows could reach $36 billion this year as anxious Hong Kong residents reassess their options

Hong Kong Gives Police Sweeping Powers Under China Security Law
Photographer: Roy Liu/Bloomberg

It was the freezing of bank accounts that changed Dan’s mind.

The Hongkonger, a finance worker in his early 50s, watched China tighten its grip on the city over the past few years with growing nervousness. Yet as a self-described apolitical person — he hadn’t attended any of the protests that hit the city in 2019, for example — he wasn’t really worried about being personally affected.