Since the 2019 extradition bill protests, Hong Kong’s politics and society have been showing signs of becoming more sinicized relatively quickly, while some changes have also been detected in the economic sphere, but Hong Kong still appears to be maintaining its various economic functions. Over time, Hong Kong is likely to transition into a role as a regional economic center within the Chinese economy, influenced by the long-term growth of China. Accordingly, we need to seek to strengthen cooperation with Hong Kong as a part of regional economic cooperation between Korea and China, and in the process, we need to strengthen cooperation with Hong Kong, focusing on industries in which Hong Kong is competitive or which it plans to strategically foster in the future. In addition, since Hong Kong’s economic function as an international financial hub is expected to continue for a considerable period of time, it seems reasonable to choose a policy direction that strengthens Korea’s financial competitiveness through financial cooperation with Hong Kong, rather than pursuing an impractical policy of seeking to replace Hong Kong.