Hong Kong Remains A Talent Pool: Carrie Lam

Chief Executive Carrie Lam said on Wednesday that the number of people settling in Hong Kong or leaving the city cannot accurately reflect the level of confidence they have in the SAR as an international hub.

Some international businesses and expatriates are relocating to other financial hubs such as Singapore, citing Hong Kong’s stringent anti-epidemic measures.

Speaking at her daily press briefing, Lam said while it “might be an indisputable fact” that business talents are leaving, she nonetheless has to take care of the people’s well-being.

“I place great emphasis on the international status of Hong Kong, I even said, probably no one cares more about Hong Kong’s international status than me,” she said.

“However, the well-being of the public is always the top priority, and in this regard, we have to take anti-epidemic measures. These measures would more or less affect individuals and companies.”

A recent survey of 260 executives by the European Chambers of Commerce suggested that nearly half of all European businesses in the city are considering moving elsewhere in the coming year.

Among the firms planning to leave, a quarter said they would fully relocate in the next 12 months, while 24 percent plan to move at least partially.

But Lam said what’s needed right now is to try to keep the city’s traditional advantages and maintain its global status, adding that she hopes foreign investors can see that Hong Kong is still a place where they can make a profit.

She said factors other than people’s confidence in Hong Kong – such as the city’s travel restrictions – could affect the number of people entering or leaving the city, adding the lifting of the SAR's flight ban on nine countries would likely lead to a surge in arrivals.

Lam also pointed to an increase of talents and university students coming to the SAR.

“I strongly believe Hong Kong is a talent pool, even though talents are mobile, they can come and go, and also return. The most important thing is we are still attracting talent,” she said.

“I’m very confident and optimistic about the future development, including the financial sector.”

The Secretary for Financial Services and the Treasury, Christopher Hui, gave similar assurances at the same briefing, saying the SAR has put forward measures to broaden the development scope of the business sector and nurture its talent pool.

“After all, if we look at a place where people or companies try to locate their business, definitely opportunities and talent are key,” he said.

“All these efforts will continue, and also continue to be strengthened in such a way that Hong Kong will continue to open business to the rest of the world.”