Hong Kong is at risk of a global financial crisis with the exception of Covid

There has been more strong opposition to Hong Kong state law from business and economics in the past two months than in the last two political and cultural years.

A small-scale Covid-19 vaccine, including a failure to explain the outbreak plan, has set fire to local banks.

Hong Kong’s financial sector has a good track record, accounting for more than one-fifth of all household goods each year. Nearly 100 major banks around the world have operations in China, and have so far been protected from the effects of Beijing’s stabilization in Hong Kong.

Now the investors are in revolt. Just 100 days after Hong Kong began its vaccination and about 17% of adults – and less than 5% of people over 70 – came looking for jabs. It’s about half the size of London and Singapore.

The frustrating vaccination program, which has been marred by government infidelity, has shattered the hopes of a global humanitarian movement in Hong Kong, perhaps until next year. Borders remain closed to foreign visitors and a two- or three-week reception for repatriates has set the stage for the second year in a row.

Although the government is working hard to improve immunization, it does not yet have to align its plans with the border control system. This has raised fears that the city will be abandoned when Europe and the US reopen this summer, a milestone in the history of the world’s economic capital.

“We appear to be closed for business,” a Wall Street banker in Hong Kong said this week. “We believe that Hong Kong is an important economic center.”

Frederik Gollob, chairman of the European Chamber of Commerce, said the exclusionary rules meant that “Hong Kong could lose the competition to attract top talent”, and that people were already leaving “good”.

Even HSBC, which has existed already burned Commenting on the policy in Hong Kong, he urged the government to “protect public health and allow the business community to return to normalcy”.

Independent of itself from the epidemic, Hong Kong has been experimenting with the question: How long can the global economy last without foreign travel? How long will their large expatriate company cope if they fail to go abroad? How long can airplanes and hotels cope without travel or tourist attractions? The government has not set a time limit for the preparation of businesses and individuals.

Hong Kong chief executive Carrie Lam has said he will “not provide the security of the Hong Kong people in a hurry to open the border”. But like other areas that have eradicated the virus (Hong Kong has killed 210 people out of 7.5m), the area is now at risk of being closed to purgatory due to overcrowding and major restrictions. The route to Singapore has been doubled due to overcrowding.

The supervisors of Hong Kong’s largest banks were a little happy Last week the government announced that even the company’s general manager could fly each month without exception. Smaller notes from then on began to dwindle. It revealed that she had to return to the hospital at the end of each meeting day. “It’s like the release of prisoners,” said David Webb, an economist.

In the meantime, Hong Kong has revived its immigration service. Local newspapers were filled with advertisements. Entrepreneurs are encouraged to do their part. Storage of vaccines rises.

However businesses would still be confused about Hong Kong’s goal. Is it open to the world before it has encountered Asian businesses such as Singapore, or opened borders with China mainland? As the latter, Hong Kong would be dominated by Beijing during its opening season of international travel. This could mean a much longer delay than if the idea of ​​a trip had been made only in Hong Kong.

Hong Kong is in the meantime personal approval to government officials and executives of major Chinese companies such as Tencent and Alibaba. For some members of the global economy, it is a sign that Hong Kong recognizes its demise as China’s economic center at risk of relying on China’s capital.

tabby.kinder@ft.com