Hong Kong will 'trawl the world for talent': leader

HONG KONG — Hong Kong's new leader unveiled plans to resuscitate the business hub's fortunes on Wednesday (Oct 19), hoping to lure international expertise back to a city that has seen an exodus of talent and is mired in recession.

Mr John Lee, a Beijing-anointed former security chief, gave a debut policy speech that focused heavily on both reviving the economy and maintaining security.

"Over the past two years, the local workforce shrank by about 140,000," he said. "Apart from actively nurturing and retaining local talents, the government will proactively trawl the world for talent."

Hong Kong has undergone its most tumultuous period since the city's 1997 handover to China. 

Huge and sometimes violent democracy protests three years ago were followed by a sweeping crackdown on dissent and some of the world's strictest coronavirus pandemic rules, many of which remained in place long after rival hubs were reopening.

The city is set to end the year in full-blown recession and has seen its fiscal deficit soar.

Mr Lee's speech offered a blueprint for reversing the downturn.

Among the measures announced was a new HK$30 billion (S$5.3 billion) investment fund to attract overseas businesses. 

The city will also give preferential treatment to "top talent", described as people who earn HK$2.5 million or more annually and graduates from the top 100 universities around the world who have relevant working experience. AFP