Since the unification, Hong Kong has experienced several major economic challenges, including the financial crisis in 1997, the SARS epidemic in 2003, and the financial tsunami in 2008. Having found the way out of the series of predicaments, the city is collaborating with the Mainland more closely, bringing new opportunities. Yet, with competition from the Mainland and other Asian cities, it will be tremendously challenging for Hong Kong to remain as an international financial centre. Peter WONG and Joseph NGAI will look into the changes Hong Kong experienced over the past two decades from three aspects – the city’s economic situation, economic integration with the Mainland, and international competitiveness.