For a tiny territory on the edge of a vast country, Hong Kong has played a disproportionately large role in China’s development. Over more than 150 years, most of which was spent as a British imperial entrepot, the mercantile port has acted as a conduit for the west into the Middle Kingdom — and a harbour for the exchange of goods, services and ideas.

But that status as the bridge into China is threatened. Local businesses can now raise funds in China itself, and foreign investors find it easier than before to invest directly in the mainland, albeit in a slower, riskier and more restrictive fashion than in much of the west. China’s free trade zones in Shanghai and Shenzhen present opportunities for foreign investment; the use of the renminbi as a trading currency is growing; and the recently implemented Shanghai-Hong Kong Stock Connect are all bolstering ties between China and the rest of the world, both directly and through Hong Kong.

These shifts raise questions about Hong Kong’s future role as a financial intermediary between China and the rest of the world, while rival cities in the region such as Singapore also pose a challenge.