Under the influence of the epidemic and the immigration wave, Hong Kong is facing a brain drain. Chief Executive Li Jiachao has recently emphasized the need to "snatch talents" from abroad; while Singapore, one of Hong Kong's "competitors", has taken the lead in launching a new talent visa to attract top global professionals .
In fact, Singapore's job market relies on overseas talents, and it is more affected by the epidemic than Hong Kong. However, Singapore took the initiative to "stop the bleeding" earlier, that is to say, it depends on the brain drain situation, talent attraction and policy comparison between the two places.
At present, many places around the world have relaxed entry restrictions, but Hong Kong still requires entry to "3+4" quarantine, which may deter many foreign talents.
According to data submitted by the Security Bureau to the Legislative Council last year, a total of 39,000 applications were received for the six talent entry schemes in Hong Kong in 2020, a 50% drop from about 79,000 in 2019.
Among them, the "General Employment Policy" dropped the most by 60%, followed by the "Mainland Talent Import Scheme", which dropped by 45%. Both schemes are the main talent import policies in Hong Kong, and both require applicants to be employed by a Hong Kong company.
As of July 2021, only about 20,000 talent entry applications have been received.
Singapore's job market is relatively dependent on foreign talents, and it will be even more affected by the epidemic.
According to data from the Ministry of Manpower of the Singapore government, before the epidemic, the number of local migrant workers reached 1.43 million at the end of 2019, and by the end of 2021, it will decrease by 227,000 to 1.2 million, a decrease of 13.7%.
Among them, those holding professional work visas (Employment Pass) fell by 16.5%, and those holding technical personnel work visas (S Pass) fell by nearly 20%.
However, since April this year, Singapore has allowed all vaccinated passengers to enter without quarantine or testing. In August, it further allowed entry of unvaccinated passengers, only requiring inbound passengers to test and obtain negative results two days before departure. Quarantine can be exempted, and it is estimated that it will attract a lot of talent inflow, and the above data has not yet reflected the positive impact of the local "switch".
As for Hong Kong, 3 days of hotel quarantine and 4 days of medical surveillance are still required.
According to INSEAD's Global City Talent Competitiveness Index, Singapore ranks 7th in the world, while Hong Kong does not make it into the top 10.
In order to attract talents, the Singapore government announced the launch of the "Overseas Networks & Expertise Pass" program at the end of August, which provides flexible employment, family visas, spouse employment permits, no residence time limit, etc., and those who meet the conditions can apply. Permanent residence and citizenship.
In Hong Kong, Chief Executive Li Jiachao has recently repeatedly emphasized the need to "snatch talents" with the world. A regional consultation meeting in the policy address earlier also discussed the problem of brain drain. Since last year, the "Quality Talent Admission Scheme" has been increased to 4,000, and the number of talents has been increased. Two majors, "Asset Management Compliance" and "Environmental, Social and Governance-related Finance" have been added to the list, and it is expected that more new measures may be proposed in the "Policy Address" released in October.
The 3+4 quarantine is not attractive to tourists. The daily average number of people entering Hong Kong is less than 350. The loss of Hong Kong people will stop the bleeding in August. Hong Kong is no longer attractive?
Under the epidemic, less than half of talents apply for entry, and talents from this country have fallen the most. Japan switches | 9.7 to open unguided groups to enter South Korea 9.3 to completely cancel pre-entry testing