Hong Kong’s problems trace back to China. And also America

Sevva, a swankyHSBC HK bar and restaurant with electrifying views, has been serving bankers and sightseers for more than 15 years. From its terrace, you can peer over a cocktail and through the office windows of acrossthe road. The restaurant’s cuisine is meant to be “fresh, simple and honest”. Yet it is not cheap. An oversized dosa, a humble South Indian breakfast food, will set you back $380 (almost $50). Some patrons eat them with a knife and fork.In May, sadly, the restaurant will close. That has not helped the morale of the city’s beleaguered financial industry. Hong Kong’s main stockmarket index has plunged by more than a quarter since late January. Its index for smaller, “growth” enterprises is well below the trough it reached in October 2022, before China began lifting the quarantine requirements that starved Hong Kong of visitors.