An old Chinese proverb says, “Don’t miss opportunities: Time doesn’t come round again.” This could be perfectly applicable to Hong Kong, eager to grasp any opportunities to attract investment, talent and innovation.

According to the Hong Kong Special Administrative Region government, more than 670 people have been issued Hong Kong visas under the New Capital Investment Entrant Scheme. As a matter of fact, Under Secretary for Financial Services and the Treasury Joseph Chan Ho-lim told the Legislative Council last month that since the program was launched in March 2024, the government has received over 1,500 applications and approved 673 applicants.

This program, initially introduced in 2003 but suspended in 2015, was revived to recalibrate Hong Kong’s appeal as a global financial and business hub. Last year, Hong Kong decided to bring back to life the program to allow nonresidents to apply for a two-year visa if they invest at least HK$30 million ($3.82 million) in permissible assets in the city.

The program has seen an accelerated number of applications and approved cases since it lowered requirements on March 1, including shortening the period that applicants need to demonstrate their ownership of net assets or net equity from two years to six months.

Investments can be made in areas such as nonresidential properties or financial products in Hong Kong. Chan revealed that qualified applicants under the program had contributed around HK$21 billion in investments, mostly in three major areas — funds approved by the Securities and Futures Commission, stocks, and bonds.

The goal of this program is to strengthen the development of Hong Kong’s asset and wealth management business, financial services, and related professional services. For Hong Kong, one of the world´s most important financial centers that keeps enhancing its status year after year, all these programs aimed at attracting talent and investment are of vital importance.

Hong Kong has gone through the Asian financial crisis, SARS, the global financial crisis, and also the COVID-19 pandemic without diminishing its role as one of the world’s most important financial centers. And this was because of Hong Kong´s strength and its resilient nature.

The New Capital Investment Entrant Scheme is not just a return to a past policy — it is a forward-looking move rooted in strategic thinking

This new policy is not just about attracting wealth. It’s a strategic, multidimensional effort to rejuvenate Hong Kong’s financial landscape, foster global connectivity and bolster the city’s long-term competitiveness.

To remain competitive, initiatives that foster entrepreneurship and attract top global talent are essential. Incentivizing startups through tax breaks and access to funding can stimulate growth in areas like artificial intelligence, blockchain and digital entertainment. Supporting collaboration between businesses, academia and the government can spur innovation ecosystems, ensuring that traditional strengths evolve alongside emerging opportunities.

One of the most pressing challenges facing Hong Kong in recent years has been economic recovery in the wake of the COVID-19 pandemic. While the city has weathered the storm better than many, sectors such as retail, tourism and real estate have struggled to regain pre-pandemic momentum. At the same time, geopolitical tensions and shifting capital flows have added layers of complexity to Hong Kong’s economic outlook.

Against this backdrop, the revitalized investment immigration program acts as an important propeller. By channeling capital into Hong Kong’s economy, the program provides a direct infusion of liquidity that can stimulate various sectors, from financial services and real estate to innovation and green technologies.

Hong Kong’s ability to attract and retain global talent has long been a pillar of its economic success. However, it is undeniable that a talent shortage has been a problem for the city these last few years. For several reasons, thousands of Hong Kong residents left the city during the pandemic; therefore, if the city wants to maintain and even enhance its role as one of the major global financial centers, it needs to plan how to attract (or re-attract) talent and investment.

In this sense, one of the areas Chief Executive John Lee Ka-chiu focused on when delivering his 2024 Policy Address was that of attracting and retaining talent, adopting measures that include expanding the list of universities covered by the Top Talent Pass Scheme, granting longer visas to high-income talent and proactively seeking top-notch professionals.

Aside from trawling for talent, Hong Kong should also double down on innovation, since the future is about innovation. The city is not only a financial hub but also an innovation hub, as was demonstrated by the 2024 Global Innovation Index compiled by the World Intellectual Property Organization, in which Hong Kong ranked 18th among the 133 economies surveyed. But the truth is that Hong Kong can still rank higher, especially given its place in the Guangdong-Hong Kong-Macao Greater Bay Area and its proximity to Shenzhen, an innovation hub. While Hong Kong can continue to leverage its Web3 industry and enormously benefit from the Chinese mainland’s strong AI industry, especially in its sister cities in the Greater Bay Area, it is expected to contribute to the nation’s AI development with its pool of top talent and renowned financial services. Hong Kong’s own AI market is projected to expand to $770 million this year and $3.43 billion by 2030 at an annual growth rate of 28.27 percent. The city’s commitment to innovation is helping to make it an AI powerhouse.

To sum up, the New Capital Investment Entrant Scheme is not just a return to a past policy — it is a forward-looking move rooted in strategic thinking. By attracting capital and global citizens who are invested in Hong Kong’s future, the program is a vital step toward reinvigorating the city’s economy, enhancing its global competitiveness, and reaffirming its role as Asia’s world city. Attracting investment and talent are crucial if Hong Kong wants to remain one of the world’s most important financial centers.

The author is a fintech adviser, a researcher and a former business analyst for a Hong Kong publicly listed company.

The views do not necessarily reflect those of China Daily.