Hong Kong has changed since the turmoil of 2019-20. Few people would dispute this. The more important question is what kind of city it is becoming. It is evolving into a more nationally integrated yet still distinctive city. The emerging model seeks to combine market dynamism and international connectivity with clearer alignment to national development. This is not decline. It is a search for a viable identity and role. Critics such as Stephen Roach have argued that the Hong Kong of old is...