International student mobility has emerged as a key source of societal and educational transformations in the booming economies of East Asia. International competencies are increasingly valued by employees and employers alike. Given the uneven distribution of international student flows, and the inequitable levels of benefit that they bring to various locales and institutions, some jurisdictions are seeking the optimal policy instruments for leveraging public and private interests in the mobility of human resources and knowledge. This case study of Hong Kong looks at the outbound-inbound student flows and explains how the government facilitates cross-border education balances. The researchers utilized the four modes of the General Agreement on Trades in Services framework, and found it to be a helpful tool in analyzing the government's balancing act, despite the challenges associated with the conceptualization of international student mobility as a commodity or trade in services.