Hong Kong's epidemic prevention, control measures do not undermine its sound business environment: industry insiders

Hong Kong's epidemic prevention and control measures do not undermine its sound business environment, and Hong Kong's economy is bound to recover and develop further in the future, industry insiders in Hong Kong have said.

Since the outbreak of the epidemic, the global business environment has been greatly challenged. Industry insiders told Xinhua recently that those who can effectively prevent and control the epidemic will be able to resume business activities and have a sound business environment.

Yang Yuchuan, a professor with the Hong Kong Financial Services Institute, said Hong Kong's epidemic prevention and control measures have been gradually improved and the business environment has improved markedly with businesses generally recovered.

"At present, a large number of enterprises in Hong Kong do not have to bear the pressure brought by epidemic prevention," Yang said, adding that thanks to the containment of the epidemic, Hong Kong's economy grew 7.8 percent year-on-year in the first half of 2021, which is quite remarkable.

Chief Executive of the Hong Kong Monetary Authority (HKMA) Eddie Yue said the HKMA is in regular contact with financial institutions and it is common for international financial centers to move in and out.

Statistics showed that the number of asset management companies in Hong Kong rose from 1,808 at the end of 2019 to 1,878 at the end of 2020, maintaining a 3.9 percent growth rate despite the impact of the epidemic.

It was found that with the gradual recovery of social and economic activities in Hong Kong, the positive and neutral attitude of foreign public opinion towards Hong Kong reached 87 percent, up 17 percentage points compared to 70 percent in the previous year.

This increase is also reflected in the investment behavior and confidence of foreign enterprises in Hong Kong.

Liang Haiming, a Hong Kong economist and chairman of China Silk Road iValley Research Institute, noted that Citigroup recently said it will add at least 1,500 employees in Hong Kong in 2021, double the number it recruited a year ago, and Goldman Sachs expects to increase hiring in Hong Kong by 20 percent this year.

Liang said he thinks this is attributed to the effective epidemic prevention measures taken by the Hong Kong Special Administrative Region government, which has created a more stable social environment for Hong Kong to "start again."

Not only do the U.S. financial institutions have confidence in Hong Kong, but also financial institutions around the world have increased their confidence in Hong Kong.

Wong Yuen-shan, deputy executive director and head of Public Policy Institute of Our Hong Kong Foundation, said the epidemic situation in Hong Kong is stabilizing, the economy is significantly picking up and the business environment is improving.

The containment of the epidemic in Hong Kong has given a huge boost to local consumption, with retail, catering and other industries gradually picking up, Wong said.

He added that as the epidemic is gradually brought under control, small and medium-sized enterprises in Hong Kong will regain their business confidence and the business environment in Hong Kong will continue to improve.