On February 16, 2022, clients depend on medical facility beds awaiting medical treatment in a short-term holding location exterior Caritas Medical Center in Hong Kong.
Leung Man Hei|Nurphoto|Getty Images
Lam has actually firmly insisted, nevertheless, that there are no prepare for a “widespread city lockdown.”
“As far as Hong Kong is concerned, we need to find our own way out of this epidemic, and so far, our measures to contain the spread of a disease remain a legitimate and valid one,” she stated.
This month, Lam stated the city would stick to what it calls a “dynamic zero” method, a minimum of up until the vaccination rate hits 90%. The Hong Kong federal government explains its “dynamic zero” method as having a target of having “zero infections”– a technique it has actually consistently stated is the most efficient method of battling the pandemic. It requires procedures such as mass neighborhood screening, sewage security, contact tracing, and border controls to stay out imported cases.
Elderly vaccination rates
But that 90% objective stays evasive as Hong Kong challenges fairly low vaccination rates, specifically amongst the senior.
As ofFeb 22, 59.84% of Hong Kong citizens aged 60 and older had 2 dosages of a Covid-19 vaccine, according to federal government information. That figure drops to 45.46% for those aged 70 and older.
Lam has stated the city requires to “do better” in inoculating the senior in order to strike the total 90% vaccination rate target.
“Until all those things happen, we will continue to adhere to the current strategy of trying to contain the spread of the virus, or what we call maintaining this ‘dynamic zero’ regime,” she stated.
Hong Kong just recently presented vaccine passes which might motivate more individuals to get immunized. The passes will be needed for entry to most public areas startingFeb 24.
Businesses manage Covid limitations
Hong Kong, together with mainland China, is among the last locations still taking a no-Covid method. The city has actually preserved tight limitations as it pursues developing quarantine-free travel with China.
But the procedures have actually prevented operations and snarled itinerary, according to a current organization belief study performed by the American Chamber of Commerce in Hong Kong.
In its yearly report, HSBC stated on Tuesday that “The evolving Covid-19 restrictions in Hong Kong, including travel, public gathering and social distancing restrictions, are impacting the Hong Kong economy, and may affect the ability to attract and retain staff.”
Data from the city’s migration department reveals the variety of work visas released has actually dropped over the last 2 years. Just 13,800 foreign specialists were released work visas under the General Employment Policy plan in 2015– a decrease of about 66% from more than 41,000 in 2019, prior to the pandemic.
That decrease, nevertheless, is most likely just partially due to Covid limitations, stated Lloyd Chan, senior financial expert at research study company Oxford Economics.
“In addition to the travel curbs and US-China tensions, we think that concerns over the national security law and changes to Hong Kong’s political system (such as the overhaul of the city’s electoral system) have weakened Hong Kong’s appeal to foreign companies and investors as an international hub,” he composed in aFeb 9 report.
“Firms appear to be having difficulty recruiting overseas talent, as suggested by anecdotal evidence,” he stated.
In vestHK, Hong Kong’s federal government firm for foreign direct financial investment, reacted that Hong Kong stays “a major regional base” for organizations in spite of pandemic-related obstacles.
“Hong Kong continues to offer overseas businesses unparalleled access to Mainland China markets, which is our biggest competitive advantage,” In vestHK stated in a written reaction to CNBC.
Hong Kong’s banking sector is “as robust as ever” given that the execution of the National Security Law, the firm stated. Total deposits in Hong Kong at the end of June 2021 were up practically 8% year-over-year to more than $15 trillion Hong Kong dollars ($ 1.92 trillion), the firm stated.
A representative from Hong Kong’s info services department informed CNBC that the nationwide security law has “reverted the chaotic situation … restored stability and increased the confidence in Hong Kong, thereby allowing the city to … return to the path of development.”
The modifications to the electoral system, on the other hand, guaranteed that members of the legal council acted “in the interests of the country’s development and the long-term prosperity and stability of Hong Kong,” it stated.
Air guest traffic plunges
Hong Kong has actually been quick to more tighten its border manages whenever cases increase. In 2021, the city’s air guest traffic dived about 85%.
This week, authorities extended a restriction on inbound flights from 9 nations, consisting of the United States, United Kingdom, India and Australia up until April20 The federal government has stated the tighter border would “prevent imported COVID-19 cases from placing additional pressure on the city’s healthcare system at this crucial juncture of curbing the local epidemic situation.”
In order to resume borders with China, Hong Kong needs to line up with Beijing’s no-Covid method, Chan stated.
“Thus, stringent international border restrictions will be maintained, hindering international connectivity and depressing inbound tourism. As a result, we anticipate Hong Kong’s zero-Covid policy will hinder the economic recovery and weigh on its attractiveness as a global financial hub,” he composed in aFeb 9 report.
Hong Kong’s cumulative caseload stays low compared to other worldwide cities, at simply over 75,000 cases sinceFeb 22, according to federal government information. For much of the pandemic, everyday brand-new cases in the Chinese city were typically in the single digits, if any.
