Hong Kong must work harder to be as international as possible under the “one country, two systems” framework to combat a growing perception in Western capitals that it is no different from any other mainland Chinese city, business leaders have urged.

The city also maintains a significant lead over regional rival Singapore in key financial metrics, panellists at the South China Morning Post’s China Conference said on Tuesday.

“The problem is that many of them feel that Hong Kong equals China,” said Eden Woon, president of the American Chamber of Commerce in Hong Kong.

“Therefore, the policy that they may set, you know, versus China because of the geopolitical situation, they apply it also to Hong Kong, and that really is worrisome and not a positive factor for Hong Kong.”

Beijing increasingly realises the city’s vital role as an international financial centre amid escalating geopolitical tensions, resulting in a record pipeline of more than 200 mainland companies waiting to list in Hong Kong, observers have said.

“We have to be as international as possible,” Woon said. “It won’t be like the good old days where Hong Kong was a darling of the West, but we can still show our difference, show our distinction by being a different city, different from other places on the mainland, to me, to us and to many American companies. This is the attraction of Hong Kong.”