A few years ago, I also had read a book called "When China Rules the World" which made the case that China has, with the exception of the 100 years from 1850 to 1950, essentially dominated/had huge influence in the world because of its population and influence on global trade.  When one appreciates that China and the USA are now the G2, have cooperated on climate change agreements and recognise the importance of co-existing peacefully, the centre of influence has certainly reverted.

Furthermore, the endemic problems in Europe, including its aging demographics and unsustainable social welfare expenditure, also tilt the balance back to the AsiaPac region.  Add in the growth if India, with its population, and it makes sense for Australia and its people to re-orient (excuse the pun) towards this region and this is evidenced by the recent completion of Free Trade Agreements with China, Japan and South Korea, with India in process.

Hong Kong, whilst now a Special Administrative Territory of China, in 2014 had the second largest IPO issuance and is still "open for business".  I saw a tweet at the AFF that said that to list a public company in Hong Kong now only requires 7 steps - down from a previous 23.

So, it does appear that China and Hong Kong is more looking like the centre of the world. We in Australia need to understand this and develop new skills and business behaviours to leverage our opportunities given our proximity and resources.   

It certainly appears to be a case of Back to the Future!

PB