-
ALSO READ
Hong Kong media tycoon Jimmy Lai, nine others sentenced to prison
Hong Kong's Apple Daily to shut within days, says Jimmy Lai adviser
Hong Kong's opposition Civic Party rocked by resignation of 11 councillors
9 people arrested over alleged plot to plant bombs around Hong Kong
Last Apple Daily newspaper edition sold out across Hong Kong
-
A financial industry group warned on Monday that Hong Kong's zero-COVID policy and strict quarantine requirements for international travellers threatens to undermine the city's status as a financial hub.
The Asia Securities Industry and Financial Markets Association (ASIFMA) said a survey of members, including some of the world's largest banks and asset managers, showed 48% were contemplating moving staff or functions away from Hong Kong due to operational challenges, which included uncertainty regarding when and how travel and quarantine restrictions will be lifted.
Hong Kong has some of the most stringent travel restrictions in the world and is virtually COVID-19 free, however unlike regional rival Singapore, which is slowly re-opening its borders, the Chinese-ruled city has no public plan for opening up to international travellers.
Local leaders say their focus is removing restrictions on travel from Hong Kong to mainland China, which also has strict entry restrictions. At present travellers from Hong Kong to the mainland must still undergo quarantine.
"Hong Kong's status as an (international financial centre) is increasingly at risk along with its long-term economic recovery and competitiveness as a premier place to do business," Mark Austen chief executive of Asifma wrote in open letter to Hong Kong's financial secretary Paul Chan.
The letter made a series of recommendations including publishing "a roadmap for exiting Hong Kong's "zero-case" based COVID-19 strategy beyond solely the immediate goal of opening borders with China", as well as prioritising vaccinations.
Hong Kong has reported just over 12,300 cases since the start of the pandemic, mostly imported, and 213 deaths.
Regional rival Singapore is expanding quarantine-free travel to nearly a dozen countries, but authorities are grappling with how to do so while averting a surge of Covid-19 cases among older people and those with weak immune systems.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU