Hong Kong should contain current wave of infections to showcase its resilience, which will sustain the world's confidence in the financial center, a local economist told Zhang Tianyuan in Hong Kong.
Photo shows a view by the Victoria Harbour in Hong Kong, June 11, 2020. (LI GANG / XINHUA)
The fight against the raging wave of COVID-19 infections is an opportunity for Hong Kong to showcase its crisis management capability, which will increase its appeal to foreign investors, said William Deng Weishen, a North Asia economist with UBS Global Research.
If the Hong Kong government is able to contain the outbreak in the next three months, the city’s status as an international financial hub will be enhanced significantly, Deng told China Daily on Thursday.
If the Hong Kong government is able to contain the outbreak in the next three months, the city’s status as an international financial hub will be enhanced significantly, said William Deng Weishen, a North Asia economist with UBS Global Research
While the omicron outbreak is a near-term challenge, structural factors, which are the medium-term growth drivers for Hong Kong, have not changed, he said. The factors include the Chinese mainland’s GDP growth, the development of the Guangdong-Hong Kong-Macao Greater Bay Area, and the city’s role under the nation’s 14th Five-Year Plan (2021-25).
READ MORE: Hong Kong's new COVID-19 cases surge to over 10,000
Hong Kong is positioned as a global leader in many sectors, including finance, transportation, trade, logistics, aviation, and innovation and technology, under the Greater Bay Area plan released by the central government. And the 14th Five-Year Plan has defined Hong Kong as a “participant” in domestic circulation and a “facilitator” of international circulation in the country’s “dual circulation” development strategy.
All these will be better implemented when Hong Kong brings the coronavirus under control, Deng said, adding that containing the outbreak is the top task for the city for now.
The exploding number of cases has imposed a big challenge to the special administrative region’s medical system. The Hospital Authority said the isolation-bed capacity reached 90 percent last week. The city witnessed a record 10,010 daily new infections on Friday, with thousands of COVID-19 patients waiting for space at a hospital.
Expanding the current hospitals’ capacity is an urgent task to save every single life, Deng said. The speed of reaction from the central government is timely and significant to strengthen residents’ confidence in the battle against the pandemic, he said.
ALSO READ: Finance chief: Post-pandemic recovery in Hong Kong in sight
Construction of up to 17,000 isolation units for COVID-19 patients in areas of Tsing Yi, San Tin, Yuen Long and Hung Shui Kiu with the support of the central government began on Tuesday. Around 100 units had been completed in Tsing Yi on Friday. Besides, a construction team sent by Chinese mainland authorities has started building about 10,000 isolation units at Penny’s Bay and Kai Tak on Feb 19.
Shenzhen Customs in Guangdong province recently opened “green channels” to ensure that anti-pandemic supplies, such as antigen test kits, can get to Hong Kong with customs clearance mechanisms that operate 24 hours a day, seven days a week.
tianyuanzhang@chinadailyhk.com
