The relative size of Hong Kong's economy to China's has certainly faded.
"Hong Kong's purpose as a trade route into China has shrunk over the past 20 years, whereas it has become more dependent on China for its trade," noted Mark Matthews, head of research for Asia at Julius Baer, in a note Tuesday. "In 1997, Hong Kong's economy was 18 percent the size of China's. Today, the figure is down to 3 percent. The mainland produces 30 times as many goods and services as Hong Kong," he said in a separate note Monday.
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Indeed, Fitch estimates that Hong Kong's gross mainland exposure was equivalent to 314 percent of gross domestic product (GDP) as of June of this year, up from 70 percent in 2008, with 38 percent of its banking sector assets based in China.
Other analysts have expressed concern that the protests come just as Hong Kong already faces increased competition for investment from mainland China. A new trading link between the Hong Kong and Shanghai stock exchanges is due to launch in October, allowing investors outside China to access mainland-listed A-shares.
"In the medium term on the financial services sector, which represents around 16 percent of GDP in Hong Kong, whether the further disruption forces financial services companies to consider alternatives in the region [will be watched,]" Toby Lawson, head of financial futures and options at Societe Generale, told CNBC. Some analysts have already noted that much of the region's wealth-management business has already shifted toward Singapore.
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Lawson also noted that tourism accounts for around 5 percent of Hong Kong's economy and the protests may take a bite out of the flow of travelers from China, who now have greatly increased travel options.
To be sure, not everyone expects Hong Kong will lose its status as a financial hub.