Hedging Perspectives for Small States and Regimes: A Comparative Study Between Singapore and Hong Kong

Main Article Content

Kian Cheng Lee
Haiping Gao


This paper argues that Singapore’s far-sighted implementation of a multi-pronged hedging strategy over the decades has enabled her to become a financial hub in Asia. Through employing the theories of hedging and comparative politics to analyze Hong Kong and Singapore, this paper seeks to elucidate the significance of hedging initiatives in securing distinctions in the global arena. While Hong Kong and Singapore had been neck and neck in vying for the position of Asia’s top financial hub, the latter has triumphed in recent years. Employing the documentary research method, the authors seek to unravel the key research question: “How did Singapore utilize holistic hedging strategies to mitigate her internal limitations and external threats to overtake Hong Kong as Asia’s top financial hub?” By examining political hybridisation, industrial diversification, social integration, and diplomatic engagements as the four independent variables, this paper demonstrates the importance of adopting purposive and responsive hedging strategies for small states and regimes in a conflicted and volatile world.

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Lee, K. C., & Gao, H. . (2024). Hedging Perspectives for Small States and Regimes: A Comparative Study Between Singapore and Hong Kong. Political Science and Public Administration Journal, 15(1), 23–60. Retrieved from https://so05.tci-thaijo.org/index.php/polscicmujournal/article/view/267582
Research Article


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