The best time working in HK as an economist was perhaps 2004-2008, even if you were a loser in academic job market, you can still find a job at HKMA. At that period, there were a huge demand in industry for Chinese born economists because the surge of Chinese firm IPOs. Very quickly, those positions were filled up by PhDs from HKMA and low-ranked US schools (only a few from top schools but they were very lousy students in their class). We have to admit they were a lucky generation. After the positions were occupied, not only did those lucky guys get stuck, late-comers have little chance to replace them. The golden time is gone forever.
Same applied to those joining universities in HK. Early comers got tenure with 1A+1B publications, late-comers need to have 2A+2B, and there is no guarantee even if you reach these requirements. Most sadly, those lucky early comers use all means to stop late ones and set the bar higher and higher. Even if you are productive, if you don't put the reigning deadwood' names on your papers, you won't be promoted.