Photo: VCG

A report by Reuters on Monday suggested that strict epidemic control measures put in place by Hong Kong, a global financial hub, is taking a toll on a number of foreign financial experts with some predicting hundreds, or possible thousands of foreign expatriate professionals, have left or are about to leave the city.

The report is simply not convincing because it cannot get the record straight. The fact is Hong Kong's zero-COVID policy safeguarded the city's residents with one of the highest population density in the world and ensured the continuous recover of the economy. 

It can only be argued that the status of the city's financial center is firmer due to such policies and that, as the flow of goods and money continues to be channeled into the free port city, the movement of talent will go in largely the same direction, despite the choices made by a small number of foreign expats based on their own situation and needs. 

A scary story of talent drain at the world's financial hub may make a great headline but is a far shot from reality.

Despite a recent spike in COVID-19 cases, Hong Kong has not recorded any local infections for the vast majority of the time and has basically realized the target of "zero infections" since May last year.

The same survey by the American Chamber of Commerce in Hong Kong found that more than 40 percent of members recently said they were more likely to leave Hong Kong citing international travel restrictions. The survey also stated that businesses are generally optimistic about Hong Kong's business outlook with plans to expand investment in the next two years. Hong Kong's transport and logistics and the financial services sectors were among the most optimistic.

What can Hong Kong gain if its borders are loosened and there is an outbreak? Will the city's business environment improve when it has to impose lockdowns? Those discrediting the "zero-COVID" policy tend to see the trees and not the forest.

For Hong Kong to maintain a very low level of COVID-19 cases, the city should reopen borders with the Chinese mainland earlier, enabling Hong Kong businesses to visit their customers, employees and factories like they used to do and re-invigorate the long-established synergy forged between the mainland and the city with physical contacts. 

Meanwhile, once the pandemic ends at some point in the future, Hong Kong will reopen its borders with its economy intact and unbruised by the virus and its status as a global financial hub will also be strengthened. Global financial talents with their aspiration and mobility will likely flock into the city mitigating any temporary losses incurred during the pandemic. 

Some Western media outlets have not wasted a single opportunity to hint that foreign companies are leaving Hong Kong, slander the city's business environment and discredit its epidemic control policy. Time and again their delusion has been proved wrong. In terms of financial experts, such story of an exodus may turn out to be nothing more than deception. 

On the day such concerns were raised, Invest Hong Kong, the department of the Hong Kong Special Administrative Region Government responsible for Foreign Direct Investment, swiftly fought back. The bureau announced that a total of 370 investment projects, with capital from 42 global economies, have been completed in 2021, an increase of 37 projects year-on-year. Additionally, the number of companies from overseas and the Chinese mainland in the city has also risen to a record high of 9,049.