HONG KONG: Hong Kong has to allow financial industry employees to travel freely to retain its worldwide investment and financial hub status, an industry report said, because the city continues to keep some of the strictest coronavirus regulations in the world.
Hong Kong continued to be a key regional marketplace but it was dealing with “some of its biggest challenges to date”, said the record from the Alternative Expenditure Management Association (AIMA) and PwC launched on Tuesday.
The Chinese unique administrative region could be the largest hedge fund centre in Asia, the report stated, with more than half of the major funds that have a minimum of US$1 billion below management in the region situated in Hong Kong.
But travel restrictions and border closures offers led to an exodus of residents from your city in the last 2 yrs, with the financial services field facing a “brain drain” of skill.
“Against boosting competition and global challenges, including the outbreak, more should be done to keep the city’s competitive advantages and to create an even brighter and resilient future, inch the report said.
“It is critical that a delicate stability is struck giving proper recognition to Hong Kong’s stature as an international monetary centre and wider local public wellness considerations. ”