In recent years, many Hong Kong people have chosen to immigrate, and the problem of brain drain is obvious, as is the financial industry.
Those who chose to leave did so for many reasons, including question marks about the future of Hong Kong.
Xu Zhengyu, Secretary for Financial Services and the Treasury, said in an exclusive interview with "Hong Kong 01" that he wanted to "speak with data". He believes that Hong Kong can make good use of its financial advantages to serve the country's development. As long as there are market opportunities, talents will also choose to return. Good, personally good, if you want to develop your career, you always take the opportunity first, and I do it myself.”
Xu Zhengyu believes that Hong Kong's competitiveness has obvious advantages compared with rivals such as Singapore.
(Photo by Liao Yanxiong)
In the past three years, Hong Kong has experienced anti-amendment turmoil, the implementation of the "Hong Kong National Security Law", and the new crown epidemic. Some Hong Kong people feel that the future is uncertain, immigration to foreign countries is developing, and the financial industry is the main driving force of Hong Kong's economic growth. Talent shortage seems to start. Troubling the industry, taking the major regulators in Hong Kong as an example, the turnover rate of the SFC reached 12% last year; the turnover rate of the HKMA rose to 7%; the Financial Reporting Council even surged to 30%.
On the other hand, overseas talents have also been diverted to Singapore or other places due to strict border epidemic prevention measures, rather than coming to Hong Kong for development.
In an exclusive interview with "Hong Kong 01", Secretary for Financial Services and the Treasury Xu Zhengyu emphasized that Hong Kong's competitiveness, especially compared with its competitors in Asia and Singapore, has obvious advantages, "The market is a complex, and Hong Kong's advantages and tolerance are buried in the ground. Power and multiculturalism are still promoting economic development, for example, the time you can fly from Hong Kong to Beijing is faster than that from Singapore, these geographical advantages are difficult to change.”
In recent years, many Hong Kong people have chosen to immigrate, and the problem of brain drain is serious, plaguing all walks of life.
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The government has been actively studying the relaxation of epidemic prevention measures
Having said that, Xu Zhengyu believes that even if Hong Kong has obvious advantages, it still needs to be prepared for danger. "It is always a good thing to have a sense of crisis. For example, for a student, although he is in the top three, he should always remind himself to study hard." He believes that , competition will bring progress, and the impetus for continuous innovation and development, making Hong Kong more attractive.
The fundamentals remain the same, but in response to the new crown epidemic, Hong Kong's epidemic prevention policy is obviously "stricter" than other developed economies, and many people worry that it will weaken its competitiveness.
For example, compared with Singapore, where all entry isolation and quarantine measures have been lifted, and there is no limit to the number of people dining and social gatherings, it can be said that normal life has returned, attracting a lot of talents to the current development. Bank of China and Wells Fargo are reportedly considering relocating employees or parts of their operations to Singapore.
It is undeniable that the epidemic prevention policy has affected business activities. For example, in the past, senior executives of overseas companies often visited Hong Kong for business inspections, but now they need to quarantine when they come to Hong Kong, and overseas people are less willing to come to Hong Kong.
In this regard, Xu Zhengyu emphasized that the current epidemic prevention strategy of the Hong Kong government is balanced, "The government has been actively studying how to relax epidemic prevention measures, such as checking the immigration arrangements at the airport, and suspending the flight circuit breaker mechanism since July, in order to balance the epidemic situation, while making daily life easier normal."
"Speak with data", there are opportunities everywhere
In the medium and long term, Xu Zhengyu believes that China is where Asia's opportunities lie, and Hong Kong can take advantage of its financial advantages to serve the country and develop itself.
He even said that he wanted to "speak with data" to prove that there are many opportunities in Hong Kong: for example, the average daily transaction volume of the "ETF Connect" in the first two weeks in the northbound exceeded 28 million yuan; the southbound transaction was closer to 260 million Hong Kong dollars; Since the launch of "Shenzhen-Hong Kong Stock Connect", northbound trading has brought more than RMB 1.6 trillion in capital inflow to the mainland A-share market, while southbound trading has brought more than HKD 2.3 trillion in capital inflow to Hong Kong stocks; Hong Kong dollar deposits continue to rise; last June Since then, he has assisted 14 family offices to develop or expand their business, with a total investment of more than 1.2 billion yuan in Hong Kong, and is expected to create more than 180 new jobs in the next two years.
Xu Zhengyu believes that talent will choose a place of work based on the number of market opportunities. "Under this major premise, family is good, and individuals are good. If you want to develop a career, you must take the opportunity first, and I am concerned." He also believes that. The brain drain is not only related to factors such as immigration and epidemic prevention measures, and the refusal of the labor force to enter the workplace is not only a problem in Hong Kong, but also an international trend. There is a more flexible relationship. Not only the government, but even companies and enterprises have to adjust their relationship with employees and find ways to retain talents.”
Interview | Seize "3D" Opportunities to Maintain Status in the Reverse Globalization Xu Zhengyu: Make Hong Kong Make a Difference speak with data"
