ExplainerHSBC, Standard Chartered, Citigroup and BlackRock are all expected to send top executives to Hong Kong’s financial summit. Here is why
- The in-person meeting will be the biggest gathering of financial executives in the city since the Covid-19 pandemic was first reported in 2020
- All attendees will need to quarantine under the current rules and will need to arrive by October 28 at the latest to attend the meet on November 1 and 2
“We are making good progress in implementing the initiative announced by the financial secretary in this year’s budget to organise a high-level investment summit,” an HKMA spokeswoman said. “We are in discussions with relevant stakeholders about appropriate arrangements to facilitate the hosting of the event.”
What is the summit and why is it important?
When and where will the summit be held?
The summit will be held on November 1 and 2. The first day will be a closed-door meeting, to be held at the HKMA offices at Two International Finance Centre. Titled “Global Financial Leaders Dialogue”, it will allow HKMA officials to meet top executives and exchange views on economic issues. The second day, a public forum called “Global Financial Leaders Investment Summit”, will be held at Four Seasons Hotel. No details of public participation or media coverage have been revealed yet.
Who is expected to attend?
Will attendees be subject to Hong Kong’s quarantine rules?
Under the city’s current coronavirus requirements, all attendees will need to be fully vaccinated – they will need to have had two shots at least 14 days before arriving in Hong Kong. They will need to present a negative test result before boarding and then test again upon arrival at the airport.
Last month, the city lowered the number of days required to be spent in a quarantine hotel, and under this policy, summit attendees will have to undergo three days of compulsory hotel quarantine and four days of medical surveillance at any accommodation arranged by them upon arrival. They will also need to undergo several Covid-19 tests during this period.
Will attendees be allowed to move freely?
Once they have spent three nights in hotel quarantine, the attendees will be able to attend the summit, go to work and meet clients and staff during the four-day medical surveillance period. They will, however, not be able to enter restaurants, bars or fitness centres during this period.
As such, if they want to attend the event on November 1 in person, they have to arrive in Hong Kong on October 28 at the latest, so that they can complete their three-night compulsory hotel quarantine on October 31. They will be free to go to pubs and other venues during the Hong Kong Sevens.
Does Hong Kong face any challenges while hosting the summit?