Hong Kong’s upcoming summit to restore confidence in its hub status could be threatened by lacking attendance, with some global banking chiefs reportedly joining only if quarantine-free entry is allowed.
Hong Kong faces yet another difficult balancing act between the continued strict curbs locally and remaining connected to the reopening west.
Informal talks were held between the Hong Kong Monetary Authority (HKMA) and global banks on how to run the 2-day summit in November, according to a «Bloomberg» report citing unnamed sources. The discussions were led by HKMA chief Eddie Yue, who recently tested positive for Covid, and financial secretary Paul Chan.
HKMA officials have been told by banks that their top executives from the US and Europe will only attend the upcoming summit in November if they are allowed to enter the city without quarantine. The discussions also included considerations of quarantine-free travel for larger groups of overseas staff, mobility limitations beyond the conference venue as well as the process for dealing with executives who test positive on arrival.
Quarantine Exceptions
While highly unpopular, Hong Kong has previously made exceptions for travelers to make quarantine-free entry into the city including for actor Nicole Kidman and J.P. Morgan CEO Jamie Dimon in 2021.
If Hong Kong authorities agree to waive quarantines, senior executives may have to adopt the China-styled color-coded health system which could bar them from entering certain premises such as bars or restaurants.
According to the report, the CEOs of Morgan Stanley, Goldman Sachs and UBS were all informally invited to the summit.
