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Anti-Vid rules in Hong Kong frighten managers

Companies move employees out of the city, other financial centres take advantage of it

Hong Kong's governorship is the focus of criticism from the financial establishment. Tough restrictions introduced to combat the spread of infections of the new Omicron variant of the coronavirus are increasingly driving out foreign businessmen. A situation that is adversely affecting its status as the world's leading economic centre.

According to a US survey quoted by "Wall Street Journal", more than half of the managers surveyed said that local policies to contain covid-19 made them more likely to leave the city. Half said they had delayed some investments in Hong Kong. Increasing isolation is adding to the concerns of foreign companies. The International Monetary Fund has estimated that economic growth could slow by 3% in 2022. 

The situation is caused by blocked inbound and outbound air links to the US, UK, Australia, Canada, France, India, Pakistan and the Philippines. In addition to these flight bans, long quarantine stays (up to three weeks) are planned for all incoming passengers. In addition, schools close and reopen cyclically and some public buildings are boarded up. 

Businessmen complain that travel restrictions have prevented them from keeping an eye on business activities and visiting business partners and potential clients. On top of that, restaurants close at 6pm and gyms, swimming pools and bars cannot be used. Even though 71% of residents are double vaccinated, the stress is compounded by the constant fear of being quarantined. So companies are continuing to move employees out of the city, with executives and investors finding Singapore the most popular alternative. 

On the same subject see also the article published by AVIONEWS.

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AVIONEWS - World Aeronautical Press Agency