Hong Kong’s widely anticipated financial summit to showcase the city’s reopening efforts will begin tomorrow. The event is facing increasing headwinds – including an actual typhoon.

Tomorrow, Hong Kong will kick off its Global Financial Leaders’ Investment Summit with expectations to attract about 200 top executives from over 100 major financial institutions. More than just generating immediate economic returns, the event aims to boost confidence from the global financial community after the recent years of grueling Covid curbs.

«The purpose of the summit goes beyond sharing ideas, important though that is,» said the event’s organizer, the Hong Kong Monetary Authority, in a statement.

«COVID-related travel restrictions have made it difficult for financial leaders to visit Hong Kong for almost three years. Now that travel is easier again, [guests] can see for themselves the resilience and vibrancy that define Hong Kong, and the opportunities that the city offers to pivot their businesses to the burgeoning Asian markets.»

Covid Hits

Despite the summit’s promotion that Hong Kong is transitioning away from Covid, the virus is once again stealing the spotlight.

Last week, Citi said chief executive Jane Fraser will not be able to attend the event after being diagnosed with Covid. Just yesterday, Blackstone said president Jonathan Gray will also miss the event after contracting the virus with chief financial officer Michael Chae attending instead.

Hong Kong financial secretary Paul Chan, who is scheduled to deliver the keynote lunch speech tomorrow, had also contracted Covid during a trip in Riyadh but he is expected to return to the city today in time to attend the summit, according to a government statement. 

US-China Relations

In addition, US politicians are also ramping up pressure on the Hong Kong summit in a bipartisan push against Beijing.  

«[Attendees] presence only serves to legitimize the swift dismantling of Hong Kong's autonomy, free press, and the rule of law by Hong Kong authorities acting along with the Chinese Communist Party,» according to a statement from Senator Jeff Merkley and Representative Jim McGovern, both Democrats who lead the US Congressional-Executive Commission on China. 

In response, local chief secretary Eric Chan said during a radio program over the weekend that the financial summit was related neither to human rights nor freedom of speech and that the US as well as western nations were «using all extreme means to suppress China, including Hong Kong».

Typhoon Risk

And in the latest, even the weather could turn unfavorable for the summit. 

Yesterday, the Hong Kong Observatory issued a number 3 strong wind signal as tropical storm Nalgae approaches the city. If the signal is raised one more level to number 8, there are standard protocols that can effectively shut down the city across businesses, schools, public transport and more.

According to the observatory, the cyclone is expected to be closest to the southern coast of mainland China tomorrow and it will monitor closely to assess the need for issuing a higher signal then.

Showtime

Later tonight, Hong Kong will host a banquet to welcome top financial executives to the city and ready them for the official start of the summit tomorrow. The dinner will be held at the newly opened M+ museum which is part of the government’s 40-hectare development in west Kowloon, across the harbor from the city’s central business district. 

The food, the art and the iconic cityscape across the Victoria Harbor – easily visible from the museum – will serve Hong Kong well as a top location for sights, sounds, flavors and other key aspects that have always lured international visitors.

But it will take more than tourist attractions to inspire confidence in the global financial industry and the Hong Kong government has its work cut out for it.