To combat an intensifying brain drain fueled by years of Covid restrictions and diminishing political freedoms, Chief Executive John Lee unveiled a series of new measures designed to 'proactively trawl the world for talents.'
Hong Kong Chief Executive John Lee delivers his policy address at the Legislative Council on October 19.Hong Kong Chief Executive John Lee unveiled a series of new measures designed to “proactively trawl the world for talents” during his inaugural policy address on Wednesday, while underscoring the need to strengthen national security.
Other measures Lee introduced include setting up a special office to attract enterprises from mainland China and overseas that operate in strategically important industries such as artificial intelligence, fintech and new energy, as well as a dedicated team to recruit talented people. Lee also said his administration will set up a HK$30 billion investment fund to attract enterprises to set up operations in Hong Kong.
The Hong Kong government’s unwillingness to diverge significantly from the China’s zero-Covid policy has become a catalyst for many businesses and executives to relocate to places like Singapore that have already fully reopened. The labor force in Hong Kong plunged to a decade-low of around 3.75 million between March and May, followed by a slight rebound, according to government data.
Hong Kong’s pro-Beijing lawmaker Regina Ip, however, disagreed. “As the chief executive has explained very clearly, Hong Kong is adopting a very careful and step-by-step approach toward reopening our city,” She said. “I’m confident that the new measures rolled out by the chief executive to attract top talents and top companies will be able to take us forward in improving Hong Kong’s competitiveness.
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