Background The initiative was announced by Financial Secretary
Paul Chan in March 2022, and the theme is "Navigating Beyond Uncertainty" with the goal of discussing challenges and opportunities facing the global financial community. According to
Eddie Yue of the HKMA, the Summit is expecting around 200 guests (including over 30 CEOs and chairmen) from over 100 major financial institutions. The tickets are reserved and separate from the 50,000 allocated to the public. Other executives did not want special exemptions from the restrictions, due to bad optics if other people still faced restrictions. Yue gave a conflicting statement in September 2022 and said that "Nobody asked about quarantine restrictions [then], or any arrangements needed to come to Hong Kong" when the HKMA invited guests in March 2022. Earlier,
Jamie Dimon and
Nicole Kidman triggered local outrage by having given special exemptions from quarantine. Yue said on 29 September 2022 that "I am most grateful to our friends who are travelling to attend the Summit at a time when some anti-epidemic controls remain in place." With the "0+3" measure, normal arrivals to Hong Kong are issued an "amber code" on their
LeaveHomeSafe app during their first 3 days in the city, barring them from eating at restaurants, and visiting bars, gyms, and other venues. However, guests to the Summit will not be subject to the amber code restriction, allowing them to visit such venues. The
Health Bureau discussed the plans with the HKMA to finalize the details of the exemptions. Yue also said that the special exemptions were part of "reasonable facilitation" for guests, and that they would be allowed to "visit certain venues that require active checking." On 27 October 2022, Yue said that he hopes to show the world that "Hong Kong is back." On 31 October 2022, the deputy CEO of the HKMA, Darryl Chan, said that the Summit would show the world that Hong Kong is reconnecting and reopening. On 26 October 2022,
Kwok Cheuk-kin said he would launch a legal challenge against the vaccine pass policies, stating "I will challenge whether [vaccine pass policies] are necessary. Hongkongers can only access designated premises by using this app but people coming for the financial summit are not required to. This is against the Basic Law as residents are equal before the law," referring to Article 25 of the
Basic Law. On 1 November 2022, Chief Executive John Lee rejected criticism that there were "double standards" with the exemptions for the Summit guests. On 7 November 2022, though Yue earlier said that Hong Kong was "back to normal," he said that guests to the Summit wanted to see a further reduction in Hong Kong's pandemic restrictions, and an open border with mainland China.
Paul Chan On 27 October 2022, Chan tested positive for COVID-19 while in Saudi Arabia. Chan was scheduled to give speeches on November 2 and 3 at the Summit. According to Hong Kong government rules, "Inbound persons arriving from overseas places or Taiwan are required to conduct a Rapid Antigen Test (RAT) with a negative result within 24 hours prior to the scheduled time of departure of the flight to Hong Kong." On 28 October 2022, Chan promised to do his "best" to attend the Summit in person. On 31 October 2022, the government said that Chan had tested negative with a rapid test and would be back in Hong Kong on 1 November 2022. On 1 November 2022, Chief Executive John Lee said that Chan would have to take a PCR test upon arrival in Hong Kong, and will have to isolate if he tests positive. Lee stressed that Chan would not be allowed any exemptions. Later that night after he landed, authorities said that they had assessed his case and PCR test, and determined that Chan had recovered. The Department of Health, in a press release issued at 11:57pm, said Chan was a "recovered case and was not contagious, and isolation was not required," but did not specify if Chan tested negative on his PCR test. The press release also stated that Chan will attend the Summit but "will not take part in meals," and did not specify the reason behind that if he had "recovered."
Hong Kong Free Press contacted both the Department of Health and
Financial Secretary's Office for further comment. There was no information in the report about Chief Executive Lee's earlier pledge that Chan would have to isolate if he tested positive. but on 2 November 2022, Chan spoke at the Summit without wearing a mask. Every speaker, including John Lee, did not wear a mask. Later that day, the government denied that Chan was given any special treatment. In a press release, the government said that Chan "conducted a PCR test upon arrival at the HKIA yesterday and the result was positive with
Ct value within the range of the above-mentioned recovered cases," but did not provide the numerical range of acceptable Ct values which would exempt one from isolation.
SCMP contacted the government, asking for the exact Ct value of his PCR test. Chan flew to Hong Kong about a week after his initial positive result. On 5 November 2022, the editorial board of
SCMP said that the government should have been more transparent with Chan's case, and said "It is therefore essential that relevant policies and restrictions apply equally." On 6 November 2022, Chan said that the Summit has shown "the world Hong Kong's openness and its return to normality," and said that guests' "experiences in Hong Kong were different from what they have seen in foreign media outlets." Chan also said the Summit showed the guests a "different image" of the city.
Criticism of restrictions and exemptions Both the on-going restrictions and exemptions granted to certain people were criticized. On 4 November 2022, Sally Wong of the Hong Kong Investment Funds Association said of Hong Kong's COVID-19 restrictions, "While we are claiming ourselves to be a super connector, connecting to China and to the rest of the world, we cannot live up to this reputation." The same day,
The New York Times released an articled, titled "In Bid to Show It Is Open, Hong Kong Bends Covid Rules ... for Some." One person interviewed said "If the rules are to be fair, it should be done across all levels of society." On 7 November 2022, Alice Wu of
SCMP released an opinion article titled "If bankers can get the special '0+0' travel treatment amid Covid pandemic, let the rest of Hong Kong too," where she said "The privilege awarded to our special guests is truly remarkable: no health code, no masks, no Covid-19, and no typhoon. It's as if we live in a parallel universe." In a November 2022 interview, Bill Winters, CEO of Standard Chartered, who was a speaker at the Summit, said of the current restrictions "I think you should scrap the whole thing. No tests on arrival, no tests on departure, and then just ask people to be responsible." He also said that testing is an issue because business travelers risk getting stuck in Hong Kong for around a week if they test positive. as Lee is sanctioned by the US government under
Executive Order 13936. Lee was sanctioned due to him "being involved in coercing, arresting, detaining, or imprisoning individuals under the authority of the
National Security Law." Representative
Chris Smith said that companies "that trumpet their so-called 'Environmental, Social and Governance Principles' at home are quick to discard these 'values' for a chance to make a profit from China." Hours after the report was published, the Hong Kong government blocked people from accessing the site on some of Hong Kong's major mobile networks and internet service providers. An HKDC spokesperson said "HKDC condemns the Hong Kong government's concerted efforts to erode internet freedom, among the many freedoms Hongkongers have been stripped of over the past years." A professor asked "How is it that in this day and age, 87% of the speakers at the conference are men?" The HKMA responded to
Bloomberg, stating "We are pleased to see a strong line-up of speakers at group chairman or CEO level to share their global perspectives." On 26 October 2022, the
New York Post released an article from Mark L. Clifford, former director of the publisher of
Apple Daily (a newspaper closed by the Hong Kong government), titled "Big bankers are betting wrong in heading to Hong Kong." In the article, Clifford says that "Hong Kong Chief Executive John Lee isn't allowed to open an account with any of these American banks - yet their leaders are happy to hobnob with Lee and polish the city's tarnished image." On 27 October 2022, The Committee for Freedom in Hong Kong Foundation projected images onto a building in New York to protest the Summit, with one image saying "Wall Street CEOs: don't support human rights abuses in HK." On 29 October 2022,
Nikkei Asia reported that Hanscom Smith, who earlier made comments about the Summit with
Politico, said "Hong Kong's attractiveness as a destination for investment and as a place to do business has suffered because of the uncertainty that comes with a national security law." On 3 November 2022,
The Wall Street Journal released a second article from its editorial board, titled "Wall Street's Hong Kong Kowtow," where it said "The Americans were used as props in the effort by Hong Kong officials to revive the city's reputation as a commercial center amid their continuing purge of all dissent, and the destruction of a free press and independent judiciary." It also referenced earlier warnings by US Congress members, saying "Maybe someone in the next Congress should ask the execs to appear and explain why they kowtowed to Mr. Lee."
US panel speakers Some of the US-based or US-citizen panel speakers include:
James Gorman (
Morgan Stanley),
Jonathan Gray (
Blackstone),
David Solomon (
Goldman Sachs),
Joseph Bae (
KKR),
Jane Fraser (
Citigroup),
Rob Kapito (
BlackRock), Daniel Pinto (
JPMorgan Chase),
Bill Winters (
Standard Chartered),
William Conway Jr. (
Carlyle Group), Jim Zetler (
Apollo Global Management), Hanneke Smits (
BNY Mellon Investment Management), and Cyrus Taraporevala (
State Street Global Advisors).
Cancellations Justine Nolan, a professor at the
University of New South Wales, told
Al Jazeera that "For example, an executive might attend but make a public statement about concerns or choose not to attend and associate their absence with concern about human rights and the rule of law in Hong Kong," though the banks had not indicated any public intent to get involved in the politics. Some financial executives also told
Nikkei Asia that they decided to not attend the event, while others said they saw little chance of improving the appeal of a city that still imposed travel restrictions.
Speakers On 27 October 2022,
Reuters reported that Jane Fraser tested positive for COVID-19 and will not attend the event. The absence of Fraser would further reduce the ratio of female speakers at the event, which was 13% before Fraser pulled out. On 30 October 2022,
Bloomberg reported that Blackstone president Jonathan Gray would no longer attend due to being COVID positive, and would instead send CFO Michael Chae to the Summit. CEO
Valérie Baudson (
Amundi), who was scheduled to speak on
sustainable finance, cancelled her trip due to family reasons. CEO Timothy Armour (
Capital Group), who was also scheduled to speak at the Summit, cancelled his trip for health reasons. In it, he warned investors to not read too much foreign news (international media) about China, and said that some international investors read "too much" of it. In contrast,
Mark Carney at the Summit said that he would like to "commend the international media" and also said that "And I believe what I read in the international media." The mainland Chinese panel speakers who joined the Summit by video instead of by person highlighted the tight travel restrictions imposed by China's zero-Covid approach. On the final day of the Summit,
Weijan Shan of
PAG moderated a panel, and asked the panel speakers where they would invest their money in, with the choices being China, the European Union, Japan, and the US. None of the panel speakers chose China. == References ==