A draft letter representing financial and corporate interests is reportedly being circulated within industry groups to garner support and voice out demands for the Hong Kong government’s approach to the pandemic.
Quarantine rules adopted by the Hong Kong government have triggered widespread dissatisfaction following the latest wave that hit a district popularly inhabited by expatriates and financial sector workers.
Various issues such as parents' separation from children and strict travel restrictions were all cited as excessive especially when comparing Hong Kong’s relatively low coronavirus-related infection and death rates with other economies that are relaxing their measures amid a vaccine rollout.
In the latest development, a draft letter by industry participants is gathering support to voice out hopes for improvement for the Hong Kong government’s approach, according to a «Bloomberg» report citing anonymous sources.
Industrywide Pushback
The draft letter will call on the Hong Kong government to follow international best practices and provide a clear road map for coronavirus policies, though it remains to be seen which industry groups will sign.
Authorities will also convene a meeting today to meet with international chambers of commerce, including the U.S. chamber, and other business groups to provide an update, the report added.
Talent Exodus
The latest concerns add to the existing political uncertainty that has challenged Hong Kong’s long-term status as a financial hub and its ability to attract and retain talent.
One anonymous investment banking executive said there was a risk of single or full teams of critical trading employees leaving for other hubs if the current quarantine policies stay in effect for the long-term.
Another financial firm manager said that attracting and retaining overseas talent could be difficult while other cities begin relaxing restrictions.
