Hong Kong Becomes Chinese Emigration Springboard

With the exodus of foreign capital and the contraction of the financial industry, Hong Kong may only serve as an emigration springboard for Chinese talents.
Hong Kong Becomes Chinese Emigration Springboard
Electronic boards display various stock prices at Exchange Square in Hong Kong on March 9, 2020. Isaac Lawrence/AFP via Getty Images
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More Hongkongers are leaving after the implementation of the new national security law—Article 23—despite Hong Kong authorities’ vigorous attempts to promote newly launched immigration schemes to recent transplants.

Official figures show that the projected economic contribution of immigrants to Hong Kong is less than half of what’s expected, with only 5 percent of talent ending up staying in Hong Kong. While Hong Kong still has an advantage over mainland China in terms of visa, education, and healthcare, it has become a springboard for talents to emigrate to the UK, U.S., Australia, Canada, and other countries.

More Visa Holders for Dependants than TTPS

In response to the influx of immigrants and the exodus of foreign capital, the Hong Kong authorities have launched multiple initiatives, including the Top Talent Pass Scheme (TTPS), the Technology Talent Admission Scheme, and a New Capital Investment Entrant Scheme with a capital threshold of HK$30 million ($3.8 million), sparking discussions on the Chinese internet.