John Lee to take over the enterprise hub because the financial system languishes after two years of political crackdowns and pandemic controls.
Hong Kong, China – Hong Kong’s leader-in-waiting, John Lee, has likened himself to a conductor with the power to guide a “new symphony” for the worldwide monetary hub.
Lee, who's operating unopposed as the one “validly nominated candidate” in a tightly-controlled, small-circle election on Could 8, has his work reduce out for him.
Lee will inherit a metropolis languishing from two years of political crackdowns and strict pandemic insurance policies, which have fuelled an exodus of highly-skilled professionals and turned the once-thriving worldwide enterprise centre into one of many world’s most remoted cities.
Rolling out his 44-page political manifesto final week, Lee promised to breathe life again into the financial system, sort out town’s housing disaster, curb rising unemployment and strengthen governance.
However any hope of restoring town’s lustre should cope with Beijing’s uncompromising efforts to crush dissent and get rid of COVID-19 below a draconian “dynamic zero COVID” technique.
Beijing’s endorsement of Lee, previously Hong Kong’s quantity two official, has been extensively seen as an indication of China’s prioritisation of safety over enterprise. A former safety chief and profession police officer, Lee lacks the enterprise expertise of a few of his predecessors, which embrace a property surveyor and a billionaire delivery tycoon.
Lee led the response to the 2019 pro-democracy protests in Hong Kong and oversaw the arrests of dozens of individuals below a controversial nationwide safety regulation that has silenced virtually all outstanding vital voices in politics, civil society and media.
Tara Joseph, the previous president of the American Chamber of Commerce in Hong Kong, described it as “flabbergasting” that a enterprise hub like Hong Kong shall be led by somebody with no business expertise.
“He could also be a decisive chief. He might make town operate higher. That’s true. However he’s not a businessman. He doesn’t have hyperlinks to enterprise,” Joseph, who's now senior director of US agency Technique Dangers, informed Al Jazeera. “He has hyperlinks to the safety equipment.”
Joseph, who left Hong Kong partly due to town’s strict pandemic measures, mentioned the “jury’s out” on whether or not Lee or another chief shall be allowed to distinguish Hong Kong’s COVID coverage from that of the mainland.
“The longer the dearth of connectivity continues in Hong Kong, the extra hurt it’s doing. We all know how many individuals are leaving. We all know it’s been very dangerous,” she mentioned.
Professional-Beijing figures insist that Lee’s concentrate on safety is not going to come on the expense of the financial system.
Former Finance Minister Frederick Ma mentioned he's assured Lee will encompass himself with enterprise savvy advisers who may also help steer the financial system.
“If you're a superb chief you depend on individuals,” Ma informed Al Jazeera. “He must get succesful individuals to assist. And if he manages to get succesful individuals they usually work as a staff, I might be optimistic in regards to the future. I certainly have hope.”
Ma mentioned it is going to be essential for the following chief to resolve uncertainty in regards to the metropolis’s pandemic technique, which has prioritised reopening the borders with mainland China above the remainder of the world however failed to revive quarantine-free journey with both.
“I believe what’s secret is that you must decide, when you’re going to open the mainland border, do it, however if you wish to observe the worldwide approach, then do it that approach,” he mentioned.
Lee has mentioned Hong Kong should “broaden its worldwide connectivity” and “set up a extra beneficial enterprise setting”, whereas additionally emphasising the necessity to reconnect town with the mainland.
Whereas Hong Kong lately decreased lodge quarantine from 14 to seven days and lifted a ban on the entry of non-residents, the steps are extensively seen as inadequate to deliver again worldwide travellers.
“With out opening the borders, Hong Kong shall be minimising its alternatives for worldwide enterprise improvement,” George Cautherley, a Hong Kong-based businessman, informed Al Jazeera. “I don’t assume there’s any various.”
‘Two bosses’
Lee has chosen a 148-strong advisory staff of highly effective businessmen and politicians, together with town’s richest man, Li Ka-shing, and leisure tycoon and property developer Allan Zeman.
Zeman mentioned he believes Lee will provoke negotiations with China to discover a option to reopen the border with the mainland.
“Lee is results-oriented, and he’s a doer, and he is aware of what must be carried out, and I believe popping out of safety, he has a special [kind of] respect from individuals, particularly from Beijing,” Zeman informed Al Jazeera.
“It’s not a simple place for anybody,” added Zeman, explaining town is caught between the necessity to reopen to the world and reconnect with the mainland, which is cautious of coronavirus instances coming throughout its land border.
“So you need to negotiate with two bosses.”
Ronny Tong, an adviser to present Chief Govt Carrie Lam, mentioned he additionally believes Lee will sort out Hong Kong’s reopening as a prime precedence.
“So far as the struggle in opposition to COVID-19 and opening the border of Hong Kong once more, I’m certain that is a part of the required path so as to revitalise the financial system of Hong Kong, and I’m certain this may be the primary job that he would attend to if and when he will get elected,” Tong informed Al Jazeera.
Lee has beforehand sought to make the case that he's not beholden to any enterprise curiosity teams, and due to this fact comes “with out baggage”.
“My main concern is the general curiosity, as an alternative of the curiosity of any sure sector,” he mentioned at a press briefing final month.
A spokesperson on the Hong Kong Basic Chamber of Commerce mentioned John Lee “brings a brand new mindset to the administration”.
“Lee has pledged to work along with the general public and enterprise to sort out Hong Kong’s longstanding points, such because the scarcity of housing,” the spokesperson mentioned. “So with a transparent consensus and roadmap, we're assured town will have the ability to bounce again.”
Jonathan Slone, former Asia chair at Jefferies Group, who's now a personal investor, mentioned he sees the financial system changing into “a much bigger and greater focus” below the brand new administration.
“I believe they’ll be fairly sensible,” Slone informed Al Jazeera. “Is the enterprise neighborhood going to get all the pieces it needs? No, however I believe that these guys know that the financial system must get going.”
Others are extra sceptical.
Professional-democracy businessman Herbert Chow mentioned Lee has been given an “inconceivable job” on the subject of jumpstarting the financial system.
“We’ll see how he can steadiness that with breaking the cycle of going backwards and forwards, faucet dancing on leisure versus the retightening of COVID guidelines,” Chow informed Al Jazeera.
Chow mentioned he believes most companies “don’t care” about whether or not Lee, who has pledged to introduce extra nationwide safety laws, will speed up the crackdown on dissent.
“I believe many of the enterprise neighborhood is not going to care an excessive amount of about how the police restore the connection with residents, or whether or not Hong Kong continues to be a police state,” mentioned Chow, who final yr introduced his intention to relocate his youngsters’s clothes model Chickeeduck abroad resulting from strain from the authorities.
Requested whether or not Hong Kong might return to its glory days, Joseph, the previous AmCham president, mentioned town is a “new regular”.
“And I believe individuals might want to modify to that,” she mentioned. “Hong Kong isn't globally related in the identical approach any extra, so there are dangers with it. It might discover a approach out of this mess, however far more as a metropolis in China.”
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