Hong Kong has opened its arms wide for professionals from all over the world amid a global talent crunch. Top-notch professionals have been one of the key driving forces of economic development and competitiveness.

Recently, the Hong Kong Special Administrative Region government stepped up efforts to develop the city into a global hub for high-caliber talent.

Being an international financial, logistics and trading hub with seamless global connectivity, underpinned by the “one country, two systems” principle and the staunch support of the central government, Hong Kong is a mine of opportunities for high-end talent, elite professionals and their families to work, live and set down roots. 

The incumbent talent plans rolled out by the government have enticed a staggering number of elite professionals from the Chinese mainland and overseas to Hong Kong. Since its reunification with the mainland in 1997, Hong Kong’s capitalist system, free market economy and common law system have remained intact under the principle of “one country, two systems”.

Recently, Chief Executive John Lee Ka-chiu said in a media interview that Hong Kong will continue its quest for global talent, cementing the city’s role as “eight centers” — including as an international financial center, and an innovation and technology center — as the SAR is poised to become an international hub for high-caliber talent following the third plenary session of the Central Committee of the Communist Party of China.

In the past few years, some expatriate workers and professionals left Hong Kong due to COVID-19 restrictions. In December 2022, the government rolled out the Top Talent Pass Scheme, under which graduates from the world’s top 100 universities, and high earners can qualify for a visa to work and live in the city.

Previously, Hong Kong had strict rules in place for imported professionals. Overseas talent who wanted to work in Hong Kong had to secure a job first and their employer had to go through lengthy procedures to apply for work visas for them.

Under the latest plan, qualified talent will be granted two-year visas to find jobs after moving to Hong Kong. Based on government statistics, about 140,000 professionals from the mainland and overseas have chosen Hong Kong as their new home under various talent plans as of June.

Out of about 89,300 applications under the Top Talent Pass Scheme, about 70,800 cases have been approved. Over 56,000 professionals have already arrived in Hong Kong and most of them are from the mainland, while the rest are from the US, Canada, Australia and other countries. These professionals’ median salaries stand at HK$50,000 ($6,421) per month and around a quarter of them earn at least HK$100,000 per month.

Hong Kong is a cosmopolitan city with commendable salaries and low tax rates, attracting global talent to work and settle here. With a simple and low taxation regime, there is no dividend tax or capital gains tax in place in the city.

In Hong Kong, graduates from top universities can expect to earn more than $6,000 per month. With an income tax ceiling of 15 percent, local workers generally pay income tax at rates between 5 percent and 10 percent, except those high-income earners.

Although living costs are still relatively high, declining property prices over recent years have made the city more affordable. Hong Kong has become one of the world’s most livable cities. Based on the latest Global Liveability Index released by the UK-based Economist Intelligence Unit in June, Hong Kong has climbed 11 spots to No 50 out of 173 regions surveyed, based on different metrics, such as stability, healthcare, education, the environment and infrastructure.

Meanwhile, Hong Kong has been endowed with the prominent role as a gateway to the mainland, creating potential opportunities for professionals to pursue their career in the SAR and the mainland.

Global enterprises can also make investments in Hong Kong to tap into the huge business opportunities on the mainland. Based on data from the National Bureau of Statistics, China’s economy has grown steadily in the first half of this year, achieving a year-on-year gross domestic product growth of 5 percent.

With Hong Kong’s future accession to the Regional Comprehensive Economic Partnership (RCEP), which includes 10 members of the Association of Southeast Asian Nations, the mainland and several other Asian countries, the city can serve as a distinctive two-way platform for Chinese enterprises to invest in RCEP member countries, while overseas companies can tap into the mainland’s market through this platform.

Also, Hong Kong has dovetailed into the Guangdong-Hong Kong-Macao Greater Bay Area and national development. The GBA is one of the most open and economically vibrant regions of the country. Recently, the central government implemented a 144-hour visa-free transit policy which covers over 50 countries, allowing foreign visitors to travel into the country before reaching their final destinations.

Five-year travel permits have been granted for non-Chinese permanent residents in Hong Kong to travel to the mainland for tourism, to explore investment opportunities and for doing other types of business. These initiatives will help reinforce the city’s gateway role and entice more talent to move to Hong Kong.

Based on InvestHK’s data, the government has supported more than 320 mainland and overseas companies in setting up or expanding their businesses in Hong Kong in the first half of this year, up 43 percent as compared with the same period last year. These companies have injected over HK$38.3 billion into the local economy.

To further nurture outstanding students from Hong Kong and around the world as well as to build a pool of talent, it is imperative for the HKSAR government to accelerate the transformation of the city as an international hub for tertiary education.

Local universities are considered highly reputable within the international academic community thanks to their exemplary teaching quality, research and internationalization.

As highlighted in the Policy Address last year, the HKSAR government has targeted developing the Northern Metropolis University Town, wherein local universities will strengthen cooperation with renowned mainland and overseas institutions, creating synergy by enhancing collaboration.

The admission quota of nonlocal students to Hong Kong government-funded universities has been doubled to 40 percent, and the quota of the Belt and Road Scholarship has been further expanded from the 2024-25 academic year.

These initiatives will woo more brilliant students from the mainland, Southeast Asian countries and other countries to study in Hong Kong and to work in the city after graduation.

Based on the latest QS World University Rankings published in June, the rankings of six universities in Hong Kong have soared, with five of them staying in the world’s top 100.

Over 32,000 visas were issued for nonlocal university graduates to stay and work in Hong Kong under the Immigration Arrangements for Non-local Graduates plan between late 2022 and June 2024. The government can continuously work closely with the tertiary education sector to leverage Hong Kong’s education strengths to woo talented students from all over the world.

In addition, the government can further strengthen the city’s role as a premier tourism hub and an international cultural exchange center to woo more travelers and talent.

In the past few months, a wide array of mega events, including sports tournaments such as Hong Kong Sevens, and world-class exhibitions including Art Basel, have thrilled locals and tourists, thereby driving growth in the tourism, catering and retail sectors as well as bringing in other significant economic benefits.

Talent in Hong Kong not only gets attractive career opportunities, but also enjoys a dynamic and vibrant life here.

Above all, it is of utmost importance for the government to lure more high-tech talent as Hong Kong has been emerging as an innovation and technology (I&T) hub. As of March, Hong Kong had successfully invited about 50 strategic enterprises from the mainland and overseas to invest in Hong Kong through the Office for Attracting Strategic Enterprises.

These strategic enterprises are pioneers in life and health technology, artificial intelligence and new energy, and they are set to make investments of as much as HK$40 billion in the city.

With more scientific and research and development talent flocking to Hong Kong, they will come up with innovative ideas to make breakthroughs in rapidly-evolving I&T industries, which are synonymous with the next wave of local economic growth in near future.

Enticing more top-notch talent from overseas is crucial to further bolstering economic development and elevating Hong Kong as a high-caliber talent hub in Asia and beyond.

The government has been on a quest to attract talent and strategic enterprises to Hong Kong; efforts are being ramped up to make the city a place for global high-caliber talent to pursue career development, conduct business and enjoy a dynamic lifestyle. Hopefully they will set down roots here and take part in the city’s development.

The author is a member of the Beijing Municipal Committee of the Chinese People’s Political Consultative Conference, and founder and chairman of the One Country Two Systems Youth Forum.

The views do not necessarily reflect those of China Daily.