Hong Kong’s Zero-COVID Policy Threatens Financial Hub Status: Finance Industry Group

Contact Your Elected Officials
The Epoch Times Header

Asia’s largest financial lobby group is mounting pressure on Hong Kong’s government to rethink its zero-COVID policy and ease travel restrictions for international travelers, warning that the city’s status as a financial hub is at risk.

The Asia Securities Industry and Financial Markets Association (ASIFMA) wrote an open letter (pdf) to Hong Kong’s Financial Secretary Paul Chan, saying that a survey of members, including Goldman Sachs and BlackRock, showed 48 percent were considering relocating staff or functions out of the city due to operational challenges.

Some of these challenges include uncertainty regarding when and how travel and quarantine restrictions will be lifted, Mark Austen, chief executive of ASIFMA wrote.

“With ongoing travel restrictions, a zero-COVID policy in place, and limited detail on an exit strategy from these policies, an unintended consequence is that Hong Kong’s status as an IFC [international financial center] is increasingly at risk along with its long-term economic recovery and competitiveness as a premier place to do business,” wrote Austen.

Hong Kong has some of the most stringent travel restrictions in the world, and the Chinese-ruled city currently has no public plan for opening up to international travelers. Earlier this month, Hong Kong Chief Executive Carrie Lam told Bloomberg News that even one COVID-19 death would be a “major concern” for the city.

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 prioritizing vaccinations against COVID-19, the disease caused by the CCP (Chinese Communist Party) virus.

The Hong Kong government should phase out travel restrictions, and eventually accept that it will be necessary to live with COVID-19, Austen wrote.

“The rest of the world is moving on, and Hong Kong isn’t articulating a plan that gives individuals the certainty they need,” said Austen. “Some firms are moving operations, it’s not a huge amount right now. The longer this goes on, the more difficult it is for firms to keep those positions in Hong Kong.”

“The Government must do its utmost to foster informed dialogue and full consideration of the long-term risks to livelihoods if its borders remain effectively closed, in contrast to competing international financial and business centres,” Austen added.

By Isabel van Brugen

Read Original Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

Democrats Are In Disastrous Shape As Midterms Loom

According to CNN's Harry Enten, “The Democratic brand is in the basement. It is total and complete garbage in the mind of the American public.”

A Primer on Conservatism

Conservatism is based on the maintenance and preservation of economic and governmental liberty of the individual citizen to choose what is best for their interests.

Woke Verses Folk Marketing Mayhem

For purposes of this article woke is about 10% of our population while folk is defined as the remaining 90% of our population. 

Late night’s Javan Rhino  

Once upon a time in America, late-night television talk shows were nightly viewing for many following their local news.

MyPillow’s CEO Mike Lindell Wins 2 Court Cases

A federal court tossed the $5M ruling against Mike Lindell, saying arbitrators rewrote the rules of his 2021 Cyber Symposium challenge.

Trump Orders Nuclear Submarines Moved After Former Russian President’s Comments

Trump confirmed he ordered two Nuclear Submarines to be positioned in appropriate regions, in case Putin's inflammatory statements are more than just that.

American Eagle Responds to Critics Over Ad With Sydney Sweeney

In a statement posted on American Eagle’s Instagram account on Friday, the retailer said the ad campaign “is and always was about the jeans.

What to Know About 7-OH, the Synthetic Opioid Derived From Kratom Facing an FDA Ban

Synthetic opioid derived from the kratom plant sold in gummies, tablets, and drink mixes is to be restricted due to concerns it has serious potential for abuse.

Wall Street Review: Stocks Sell Off Amid Confusion Over Economic Data and Fed Policy

After all-time highs for a couple of weeks, U.S. equities retreated on profit-taking and confusion over direction of U.S. economy and monetary policy.

Tariff Rates ‘Pretty Much Set,’ Says US Trade Representative

President Trump’s trade representative, Jamieson Greer, said that Americans should expect the administration’s tariff levels to remain where they are.

White House Officials Say Trump Had ‘Real Concerns’ With Top Labor Official Before Firing Her

White House officials said it was necessary to fire former Bureau of Labor Statistics head Erika McEntarfer following release of lower-than-expected jobs report.

Trump Admin Cancels $26 Million Funding for Baltimore-DC Maglev Train Project

The FRA will cancel two grants worth more than $26 million for the Baltimore-Washington Superconducting Magnetic Levitation (SCMAGLEV) project.

Senate Confirms Former Fox News Host Jeanine Pirro as US Attorney for DC

The U.S. Senate confirmed former Fox News host and political commentator Jeanine Pirro to serve as the U.S. attorney for the District of Columbia.
spot_img

Related Articles