Hong Kong observers like a bit of navel gazing. There is rarely a shortage of articles bemoaning Chinese government encroachment on the territory’s laws, the apparent obsequiousness of its government to Beijing and a gradual diminishment of its uniqueness, or its lack of dynamism when it comes to embracing change.
The events of last week should put some of these concerns to rest.
On Thursday, China’s newly introduced stock market circuit breaker was triggered for a second time in the week, when share prices plunged by over 7% within the first 30 minutes of trading.
The circuit breaker consists of a 15-minute market closure...