Asia’s largest financial lobby group is mounting pressure on Hong Kong’s government to rethink its zero-COVID policy and ease travel restrictions for international travelers, warning that the city’s status as a financial hub is at risk. The Asia Securities Industry and Financial Markets Association (ASIFMA) wrote an open letter (pdf) to Hong Kong’s Financial Secretary Paul Chan, saying that a survey of members, including Goldman Sachs and BlackRock, showed 48 percent were considering relocating staff or functions out of the city due to operational challenges. Some of these challenges include uncertainty regarding when and how travel and quarantine restrictions will be lifted, Mark Austen, chief executive of ASIFMA wrote. “With ongoing travel restrictions, a zero-COVID policy in place, and limited detail on an exit strategy from these policies, an unintended consequence is that Hong Kong’s status as an IFC [international financial center] is increasingly at risk along with its long-term …
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