'End Of Quarantine Bringing Finance Workers Back'

Treasury minister Christopher Hui on Thursday said financial industry professionals who left Hong Kong during the pandemic are returning after the SAR dropped hotel quarantine requirements, as the government seeks to attract talent in a range of industries.

Chief Executive John Lee set out a range of measures in his Policy Address last week to bring in talent after the SAR's workforce shrank by 140,000 in the previous two years. Hui said the government's "zero plus three" arrangement for people arriving in the SAR, introduced last month, had seen people in industries such as banking come back to Hong Kong.

Speaking on an RTHK radio programme, Hui expressed confidence in Lee's proposals to bring in corporations and talent. In particular, he pointed to the plan to set aside HK$30 billion from the Future Fund to establish a Co-Investment Fund that would be used to help and encourage businesses to set up in the SAR.

Hui said this would create a "virtuous cycle", benefitting the industries in question and improving the employment situation.

"If we look at the global trend in terms of what are the key new developments in the world, for example, technology, green, ESG [environmental, social, and governance], and biotech, I think all these are clear trends that every jurisdiction is trying to grasp," he told RTHK.

"Hong Kong is no exception, so we really have to look at what are our key strengths and how our key strengths are being matched by these global trends, so as to draw more of these companies here."

He reiterated the government's goal of bringing in 35,000 talented people every year.

Hui said a move to refund additional stamp duty for foreign buyers of homes who subsequently become permanent residents of the SAR was intended to assist with the goal of recruiting talented people from outside Hong Kong.

"Our objective is not really to get more money for the coffers, but more importantly to get more talent," he said.

"At the same time, I think the actual impact is rather difficult to estimate for the time being because, after all, it has to take into account many conditions and many factors, including how many people are going to use this arrangement, value of the property they are going to buy and also when they are going to have the stamp duties refunded."