22/09/22

HONG KONG: Jurisdiction to lose international financial centre status amid Covid, expert warns.

As published on thestandard.com.hk, Thursday 22 September, 2022.

The epidemic prevention policy is seriously undermining Hong Kong's status as an international financial center, said the former commerce and economic chief.

In a radio program on Thursday, Frederick Ma Si-hang, the former Secretary for Commerce and Economic Development, described Hong Kong as “isolated” from the world, citing the city’s economy was hindered by the current anti-disease measures.

He added that relaxing the entry policy to “0+7” would have little effect since many airlines had cut flights to Hong Kong due to the anti-epidemic requirements, such as asking travelers to provide negative results of the Covid test.

“Hong Kong is now on the brink of losing its advantages of local and foreign capital, and international trade,” Ma claimed, noting Singapore may “poach the success.”

He also pointed out that the vast brain drain Hong Kong suffers, despite the denial of the emigration wave by the deputy director of the Hong Kong and Macau Affairs Office, Huang Liuquan, arguing talents in the financial, IT, education, and healthcare sectors are pulling out from the city.