HONG KONG — Hundreds of executives, diplomats and foreign business chambers congregated at Hong Kong’s landmark M+ art museum over canapes and cocktails last month with a clear mission — reinvigorate appeal for the financial hub. Anti-government protests in 2019, followed by Beijing’s swift imposition of a sweeping national security law in 2020 and three years of draconian Covid-19 lockdowns...
China's and Hong Kong's flags are seen on the pedestrian footbridge as decorations for the celebration of National Day, at the financial central district in Hong Kong, China, Oct 3, 2023.HONG KONG — Hundreds of executives, diplomats and foreign business chambers congregated at Hong Kong’s landmark M+ art museum over canapes and cocktails last month with a clear mission — reinvigorate appeal for the financial hub.
"The last few years have created a very negative image of Hong Kong," said Inaki Amate, chairman of the European chamber in Hong Kong, one of the speakers at the M+ event. Executives point to the changing fabric of Hong Kong with mainlanders making up more than nine-out-of-10 of all those approved to work under government talent schemes.
“You’ve got what happened with the national security law, the pandemic and now you’ve got a pretty big problem with China’s economy. People have a very deeply damaged image and it’s going to take more than having a banking conference in the Four Seasons hotel to really get people to go ‘wow this is exciting.
A survey by recruiter Robert Walters in September said that more than half of Hong Kong professionals are considering or planning to move out of the city. Hong Kong's IPO market has lost momentum with only around US$2.7 billion raised so far this year compared with US$4 billion a year earlier and at least US$35 billion at the market’s peak during Covid-19.
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