Hong Kong must stem the brain drain resulting from its Covid-19 policies to keep its competitive edge
- To safeguard Hong Kong’s value as a global finance, trade and transport nexus, it must reverse the loss of people with the expertise, experience and international connections vital to the city’s financial and entrepreneurial health
Walking around Kennedy Town, Sai Ying Pun, Sheung Wan and Central, one sees an increasing number of shuttered shops, closed businesses and a bewildering variety of “special offers” to entice custom. The lack of tourists seems to have hit Hong Kong businesses hard.
The lost expats are often well-paid people who have helped oil and grow Hong Kong’s complex business machinery while, at least partially, keeping many shops afloat in the tourist desert.
There is also the serious effect on many famous food and beverage haunts frequented by expats. Lan Kwai Fong, once the beating heart of the expat entertainment industry, is now on life support. Young, local business elites also contributed to the scene, giving the place an exciting, cosmopolitan vibe and were often involved in the establishment of new F&B ventures.
It is sad to see it brought so low. It is part of Hong Kong’s attractiveness as an exciting place for global talent to live and work when combined with the low-tax, high-reward dividends such elites enjoy. Their lives are a million miles away from the vast majority, but without them there would be no prosperous Hong Kong to feed us all.
Looking back allows us to learn but we must move forward too and fight to regain our competitive edge. Hong Kong needs to adapt rapidly to the post-Covid-19 reality and try to avoid more self-inflicted wounds to an already battered economy.
If damage caused by a brain drain is not to percolate through society, it must be reversed. The lost talent had expertise, experience and international connections vital to the financial and entrepreneurial health of Hong Kong, as well as to its competitiveness with Singapore, Shanghai, Frankfurt and others snapping at our heels.
While we have much home-grown talent to be proud of, plus talent from the mainland, Hong Kong is a global city, and talent is an international commodity that we have successfully nurtured, traded and consolidated for decades.
We must remember this, and seek to protect it so we can move forward and grasp the opportunities in the Greater Bay Area and globally as the world emerges from the pandemic.
Quentin Parker is a professor in the Faculty of Science at the University of Hong Kong and the director of its Laboratory for Space Research