Hong Kong’s financial services sector pushes for lifting of all Covid-19 restrictions ahead of major industry summit in November

Hong Kong Chief Executive John Lee vowed to host a ‘successful financial summit’ in November amid a competing event in Singapore in the same period

The city’s financial services sector is calling for a restriction-free reopening to help rejuvenate the local economy

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Hong Kong’s financial services sector asserts that the government must remove all Covid-19 restrictions, so that the city can keep pace with other major international financial centres.
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Published: 6:28pm, 24 Sep 2022Updated: 6:52pm, 24 Sep 2022

Hong Kong’s financial services sector expects the new “0+3” medical surveillance scheme for overseas arrivals to give the city a fresh start, but asserts that the government must do more ahead of a major industry summit in November.

The arrangement, which takes effect from September 26, will have travellers from overseas or Taiwan stay in their own homes or hotel of their choice in the city for three days of medical surveillance, replacing the previous three-day hotel quarantine restriction.

“The relaxation [of quarantine rules] is warmly welcome, as it represents major improvements,” said Sally Wong Chi-ming, chief executive of the Hong Kong Investment Funds Association, which represents firms in the city with more than US$52 trillion in assets under management. “But we are just playing catch-up because other major financial centres have removed all [Covid-19] restrictions.”

Wong urged the Hong Kong government to “throw a light on the last mile, such as under what conditions will all the restrictions be removed, so that we can be on par with other international financial centres”.

Hong Kong took fourth place in the latest rankings of the semi-annual Global Financial Centres Index. New York was ranked as the top financial centre, followed by London and Singapore. Photo: Dickson Lee

Her comments echo those made earlier by local heads of international business groups, who have called for a restriction-free reopening to rejuvenate the Hong Kong economy and retain talent after more than two years of Covid-19 curbs.