In the third Policy Address of his tenure, Hong Kong Chief Executive John Lee Ka-chiu highlighted the need for Hong Kong to go all-out in putting its economy back on track, dealing with the acute housing problem, and attracting and retaining the best brains.
These goals may not be new as, in the past four years, the special administrative region has been experiencing a brain drain. As such, tackling the dearth of talent is a timely move.
Lee's 2024 Policy Address - the first since the SAR enacted its Safeguarding National Security Ordinance in March - pledged to expand the list of eligible universities under the Top Talent Pass Scheme, extend the validity period of visas granted to high-income individuals, and attract top professionals from around the world.
The chief executive said the SAR will proactively seek top-notch talent and promote the city as a hub for international high-caliber professionals. A new committee on education, technology and talent will be chaired by the chief secretary for administration. The authorities will list and seek professionals needed to help develop the "eight centers" outlined in the nation's 14th Five-Year Plan (2021-25).
New channels will be opened under the existing General Employment Policy and the Admission Scheme for Mainland Talents and Professionals to attract "experienced specialists in specific skilled trades facing acute manpower shortages" under a quota system. The SAR government also plans to extend the pilot program for graduates of Hong Kong universities with campuses in other cities of the Guangdong-Hong Kong-Macao Greater Bay Area to work in the SAR for two years.
Currently, these campuses include the Beijing Normal University-Hong Kong Baptist University United International College in Zhuhai, the Chinese University of Hong Kong, Shenzhen, the Hong Kong University of Science and Technology (Guangzhou), and the City University of Hong Kong (Dongguan).
Since Hong Kong launched its new talent admission program in late 2022, more than 380,000 applications have been received, and about 160,000 of the applicants have arrived in the city with their families. New initiatives will be made to fill an estimated 180,000 job vacancies in various sectors in the next five years. Lee said a committee will be set up to formulate policies to expand connections, attract and cultivate talent, and foster the development of technology.
As attracting and retaining international talent proves to be a little more difficult, the measures outlined in the latest Policy Address appear to be a solid step to get and retain talent. What Hong Kong needs now to maintain and strengthen its status as one of the world's leading financial centers are stability and openness to the world, including hiring as many professionals as possible.
Hong Kong has been doing much better in the past year and is now fully engaged with the world after COVID-19. International events, for example, are a good way for the city to attract visitors and talent. In April, the SAR hosted the Sevens rugby tournament for its final run at Hong Kong Stadium. From next year, the tournament will be held at the new 50,000-seat Kai Tak Sports Park. This year's Sevens event saw strong participation from the United Kingdom, Australia and Fiji, showing that Hong Kong is regaining the momentum it had before the pandemic, if not increasing it.
Besides the Sevens tournament, Hong Kong is organizing a string of international conferences. In the 2024-25 Budget unveiled in February, Financial Secretary Paul Chan Mo-po said the government would allocate HK$1.09 billion ($139 million) to boost tourism.
Hong Kong FinTech Week isn't the only event that draws many visitors every October and November. Other major conferences are held in the SAR, such as the Asian Financial Forum in January each year.
All these key events and international gatherings clearly reflect Hong Kong's role as one of the world's most important financial hubs, offering abundant opportunities for bright minds to stay and prosper.
If all the steps Lee has outlined are combined with other measures to boost spending and economic growth, it would be much easier for the city to continue attracting all the talents it needs. At the end of the day, Hong Kong is and will still be a fantastic place to live in.
The SAR was recently ranked third in the 36th edition of the Global Financial Centers Index published by Z/Yen of the United Kingdom and the China Development Institute of Shenzhen - one notch up from the March issue of this year's index.
The city will be a better place if more talents from various countries and regions can jump on the bandwagon. This year's Policy Address has taken solid steps in this direction.
The views do not necessarily reflect those of China Daily.
