The Global Financial Leaders' Investment Summit is an annual financial summit based in Hong Kong, organised by the Hong Kong Monetary Authority. The inaugural event took place in November 2022.
The organisers goal was to discuss challenges and opportunities facing the global financial community and also for the Hong Kong government to show the re-opening of the city. There has been significant controversy from United States lawmakers around US finance leaders attending the summit.
2023 summit In November 2023, The Wall Street Journal described American executives going to the event as "various and sundry Wall Street grandees are coming to Hong Kong to kiss [John Lee's] ring." The editorial specifically named James Gorman of Morgan Stanley, David Solomon of Goldman Sachs, Johnathan Gray of Blackstone, Jane Fraser of Citigroup, and Jennifer Johnson of Franklin Resources. The editorial stated that Lee had made efforts to "crack down on speech" in Hong Kong.
After the event, the Hong Kong Journalists Association complained about the event, saying that reporters blocked by the HKMA from interviewing attendees, and that freedom of the press was important due to the event having "a significant impact on Hong Kong’s financial markets and economic development."
2022 summit
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. Another hope for the Summit was for the government to show the re-opening and reconnecting of the city.
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.
For guests who stay after the Summit concludes, the 2022 Hong Kong Sevens is scheduled to take place afterwards. Guests to the Summit will also be given free coupons as gifts to the Wine and Dine Festival, from the Hong Kong Tourism Board, where they can be redeemed at 210 restaurants and bars for free cocktails or other drinks. The tickets are reserved and separate from the 50,000 allocated to the public.
COVID-19 exemptions
Guests Some firms had earlier warned that their top bosses would not attend if any COVID-19 restrictions remained in place. 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. Hong Kong Economic Times reported in August 2022 that the government was considering special exemptions for Summit guests.
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." However, on 20 October 2022, SCMP(South China Morning Post) reported that guests to the Summit will be exempted from certain COVID-19 restrictions that other regular arrivals to Hong Kong face. 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.
In addition, while testing positive for COVID-19, people are not allowed to leave Hong Kong on commercial airliners and must be quarantined in hotels until testing negative, but guests to the Summit will be allowed to leave by private jet and yachts. A CEO of a private jet company said interest from banking professionals had increased due to the Summit, with prices ranging from US$230,000 to US$350,000 to fly from Hong Kong to London and New York.
The Health Bureau discussed the plans with the HKMA to finalize the details of the exemptions. Speaking on the exemptions, an HKMA spokesperson said "The government has approved a set of infection-control arrangements that are applicable to the coming summit. The arrangements will provide the necessary facilitation for participants to take part in the summit and business activities." One of the sources for SCMP stated that "The arrangements are aimed at showing the top bankers that Hong Kong is back to normal and ready to reconnect with the international business community" but did not state how special COVID-19 exemptions made the city "back to normal."
On 24 October 2022, Yue also mentioned "back to normal," stating "This is exactly the kind of vibrant activity that characterises Hong Kong as a regional hub, and that we want to emphasise as we get back to normal after the restrictions necessitated by the pandemic." 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. Rules from the Saudi Arabian government state that a person infected with COVID-19 with symptoms must isolate until the person shows 3 days of no symptoms.
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." Also, anybody testing positive upon landing in Hong Kong are required to be sent to quarantine or isolation facilities. In addition, government rules state that confirmed cases will be given a "red code" on their LeaveHomeSafe app, that they "are not allowed to leave the isolation location to avoid infecting others," and that "completion of isolation refers to having negative rapid antigen test (RAT) results on both Day 6 and Day 7 (or two consecutive days thereafter)." 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.
When Chan landed in Hong Kong at around 7pm on 1 November 2022, he said he tested positive on 26 October 2022, and tested negative on his rapid test on 31 October 2022. 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." Chan's office also did not disclose the result of his PCR test. Hong Kong Free Press contacted both the Department of Health and Financial Secretary's Office for further comment. Benjamin Cowling, an epidemiologist at the University of Hong Kong said of Chan's PCR test that "It's very unlikely to have a negative PCR test within a day of being RAT positive. Sometimes the PCR can stay positive for weeks."
On 2 November 2022, SCMP reported that Chan's PCR test was positive. There was no information in the report about Chief Executive Lee's earlier pledge that Chan would have to isolate if he tested positive.
SCMP reported that Chan was ordered to keep his mask on and refrain from attending banquets, 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. Earlier, government policy considered a person "recovered" if they were infected between 14 and 90 days prior to boarding their plane to Hong Kong; Chan flew to Hong Kong about a week after his initial positive result. Hong Kong Free Press contacted Chan's office, and asked whether he had flown on a private jet or commercial flight.
On 3 November 2022, Chan said that he did not benefit from any "double standards" and "So the treatment I have been given was the same as anyone. There is no particular privilege at all." In contrast, Hong Kong's leading microbiologist from the University of Hong Kong, Ho Pak-leung, criticized the government's inconsistency and said there was a "failing to comply with a unified standard" with regard to Chan's case.
On 3 November 2022, Edwin Tsui Lok-kin of the Centre for Health Protection refused to reveal Chan's Ct value or the range of permissible values which would exempt one from isolation.
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."