Hong Kong’s government said it will stick to its “zero infection” strategy on Covid-19, rebuffing a plea from global banks for the city to ease its strict quarantine policy and set a clearer time-line for a return to normal or risk its status as a center for international business.
In a statement issued to Bloomberg News in response to calls from the city’s top bank lobbying group for a change of course, a government spokesperson reiterated that the top priority remains reopening travel to the Chinese mainland.
The Asia Securities Industry & Financial Markets Association over the weekend issued its most public warning yet over the city’s strategy. The group said in a letter to Financial Secretary Paul Chan that the hard-line approach has put Hong Kong’s status as a financial center, its broader economic recovery and competitiveness at risk. A survey by the group found that almost half of global banks and asset managers are now considering moving staff and functions out of the financial hub.
Read original article