Hong Kong, China – Hong Kong is the capital of the Chinese province of Hong Kong. Francis Lee, a portfolio manager, was sad to leave Hong Kong behind when he and his wife returned to the UK last week after a two-year stay with one of the city's leading investment banks. Lee's anguish, though, paled in comparison to his relief.
"We would still be there if the COVID policy wasn't so punitive," Lee told Al Jazeera. "It's the only reason I started looking for another job back in London." "It's anxiety-inducing since there are so many unknowns about mass testing and quarantine facilities in Hong Kong." You just don't know how long it's going to go on without a plan, without any type of schedule."After over two years of tight epidemic regulations in the international financial center, Lee is far from alone in voting with his feet. While the rest of the globe has adjusted to live with the virus, Hong Kong has maintained some of the world's most stringent social barriers and border controls.
The city's cosmopolitan reputation as "Asia's World City" has been harmed by the Chinese territory's "dynamic zero COVID" strategy, which was developed to conform with mainland China.When Hong Kong was hit by its fifth and deadliest wave, caused by the Omicron coronavirus type, at the start of the year, authorities imposed a strict two-person gathering limit, meal curfews, bar and gym closures, and a return to remote learning in schools. The limits come on top of harsh travel restrictions that have been in place in various forms since March 2020, including flying bans for "at risk" countries and up to 21 days of mandatory hotel quarantine for incoming guests.
"I didn't want to lose another six, nine, or twelve months of having to fret about quarantine, washouts, policy flip-flopping, being put to government quarantine, and other things," Lee stated.According to immigration data, Hong Kong has seen a net exodus of about 157,000 inhabitants since January. Nearly half of European corporations surveyed by the European Chamber of Commerce in March stated they were considering leaving. The Hong Kong Chamber of Commerce warned the city in the same month that it was facing a mass outflow of educated professionals on a scale not witnessed since the city's handover from British to Chinese rule.
In response to mounting corporate pressure, Hong Kong Chief Executive Carrie Lam announced last month that several restrictions will be eased beginning April 1, including the easing of a ban on flights from nine countries and a seven-day quarantine for foreign arrivals. Despite this, the city's pandemic rules lag behind the global trend of reopening and are significantly more stringent than those of New York, London, and Singapore.For the first time on Wednesday, Lam acknowledged that the city's competitiveness was being harmed by the COVID policies.
"It's an undeniable fact that we have a brain drain, with the senior management of some corporations leaving Hong Kong," she remarked.Allan Zeman, a mogul in Hong Kong's nightlife, believes the city needs to open up in order to resurrect its economy. [Bloomberg photo: Paul Yeung]
Allan Zeman, a long-time supporter of the government in Hong Kong, acknowledged that times have been difficult.He told Al Jazeera, "Clearly, every person you lose is a brain gone." "Having folks depart does not sit well with anyone."The current adjustments were praised by Zeman, who had recently urged Lam to reduce international borders.
"Hong Kong needs to be opened up." It's wonderful to be concerned about one's own health, which is vital. However, as an international financial center with a large number of businesses, we also require economic life."
Zeman, who arrived in Hong Kong in the mid-1970s from Canada, said he has seen the city recover from previous waves of emigration.
"I've seen this happen before, with Hong Kong's return to China in 1997 and again with SARS in 2003." People become nervous and leave at different times. Others do not return, while others do."Gary Ng, a senior economist at Natixis in Hong Kong, voiced fear that the city could lose out to regional rivals if the government does not remove regulations more.
"One may argue that the current tendency is only temporary," Ng told Al Jazeera. "It is clear that some talent will return to Hong Kong." "However, Hong Kong's main assets, which serve as the foundation for today's business ecosystems, are free flows of capital and people." Competition may have had a chance to catch up due to the slower start."Employers have been obliged to provide better offers to maintain and attract personnel as a result of the city's pandemic limbo.
The city currently has a glut of openings, according to John Klopfer, a labor economist at the University of Hong Kong, "which is difficult for employers but fantastic for employees." To stay competitive, employers must do more.""Now that job opportunities have returned to pre-pandemic levels, workers have more choices and companies must do more to stand out – whether it's through pay, benefits, or working conditions," Klopfer told Al Jazeera.
Daniel Kirk, associate director at recruitment firm Oliver James, said his firm is busier than it has ever been, adding that it has taken on 20 to 30 percent more business in the last several months.
Kirk told Al Jazeera, "We had our best performing March and one of our finest ever quarters as a firm in Hong Kong."Kirk, on the other hand, believes the changes aren't all bad.
"While insurance companies are losing some skill offshore, they are also bringing back a lot of talent," he said. "It's a two-edged sword. Expats are leaving because they are unable to travel and because life in Hong Kong is somewhat confined, but there are also Hong Kongers living abroad who wish to return and be closer to their relatives."
About 20% of Kirk's talent pool comes from mainland China, according to him.
"What we've seen a lot of, and where I've had a lot of success, is identifying Hong Kongers and mainland Chinese overseas, as well as other Asian nations, who want to be closer to home."
Employees frequently shift roles after receiving incentives, according to Kirk, but the increasing volume of openings is also attributable to emigration."Many mainland Chinese firms have opened offices in Hong Kong." And a lot of individuals are coming from the mainland, particularly highly qualified people."
Despite this, Zeman is certain that Hong Kong officials aim to keep the city's international flavor.
"Once we reopen, the government will almost certainly start a campaign announcing that Hong Kong is available for business once more."Any such PR campaign will be too late for professionals like Lee, the fund manager.
"It was difficult not being able to travel for work, and I felt like it was stifling my career advancement," he said. "In terms of creating relationships over Zoom, there's just so much you can do."
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