Chee Yik-wai

Opinion | Talent-hungry Hong Kong can drop the hard sell and learn from Singapore

One-sided comparisons only expose Hong Kong’s insecurities; it should focus on learning from Singapore’s success in attracting global talent

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Chee Yik-wai

Published: 9:30am, 9 Jul 2024

Hong Kong’s financial secretary Paul Chan Mo-po recently said the city had “competitive advantages” over Singapore in the global talent race. While he made some good points – for example, about the diversity of Hong Kong’s natural landscape – it’s very debatable whether the city fares better in terms of “freedom”.

Concern about the latter, together with high housing prices, was probably one reason many left the city. If housing in Hong Kong were cheaper than in Singapore, that would be a real competitive advantage. But that is not the case at the moment. Chan also cited Hong Kong’s strong education system as an advantage when many see Singapore’s as performing better.

These constant, one-sided comparisons with Singapore expose Hong Kong’s insecurities and make the city look more like a hard sell when it should focus on learning from Singapore’s success in attracting global talent and diversifying its economy.

For a start, the requirements of Hong Kong’s Top Talent Pass Scheme do not seem as holistic as Singapore’s Overseas Networks and Expertise (ONE) Pass. Anyone earning the HK$2.5 million (US$319,953) a year needed to qualify for Hong Kong’s scheme could realistically enjoy a much more comfortable life in most top Asian and European cities than in Hong Kong – the world’s most expensive city for expatriates – unless perhaps their income is significantly higher.

Hong Kong’s scheme also allows graduates, but only from the world’s top 100 universities. Singapore’s One Pass, however, does not require a university degree and offers a case-by-case approach for applicants who do not meet the income requirement of S$30,000 a month, roughly HK$2 million a year. As a young university dropout, Bill Gates would not have qualified for Hong Kong’s talent scheme today – by the time he could, he would have had many other options.

Pedestrians in Central, Hong Kong, on February 20. The government introduced the Top Talent Pass Scheme in December 2022 to lure more skilled professionals to the city. Photo: May Tse

Hong Kong’s yardstick of income and academic achievement helps gauge capability and success but is hardly effective in helping find the most motivated and skilful global talent.