Recently, Hong Kong took one step further toward its full reopening by reducing the number of COVID-19 PCR tests for international arrivals from four to two.

In addition, since Dec 14, international passengers arriving in the territory no longer face COVID-19 movement restrictions and are free to enter venues.

“After arriving in Hong Kong, international arrivals don’t have any restrictions. So the same day they step off the aircraft they are free to enter any premises,” Secretary for Health Lo Chung-mau stated at a news briefing.

“The decisions were based on data and risks,” Chief Executive John Lee Ka-chiu told the media, adding that the infection risk from imported cases is lower than that from local infections so the lifting of those measures will not increase the risk of local outbreaks.

With this latest move, Hong Kong has in effect adopted a “0+0” regime.

More specifically, since Dec 14, no more amber health code is required for arrivals, who can roam freely in the city if they have tested negative. Also, residents are no longer required to scan a QR code using the LeaveHomeSafe app when entering venues, but proof of vaccination is required for entry to designated venues. In addition, compulsory PCR tests required of those living in residential buildings have been reduced (only staff in hospitals and nursing homes are required to undergo PCR tests), and no more checkpoint PCR tests are required for cross-border travelers entering Macao and the Chinese mainland.

While easing some restrictions has proven to be successful and has encouraged many more visitors to visit Hong Kong, the city should get rid of all remaining travel restrictions as soon as possible, as Singapore, Japan and most Asian neighbors have already done. Otherwise, Hong Kong will remain at a disadvantage for way too long

However, under these new rules, those who test positive are still issued with a red health code on LeaveHomeSafe and have to follow the usual isolation protocols. Arrivals still need to take a PCR test at the airport and on their third day in the city, and a rapid antigen test for five days.

These latest easing moves are indeed apt and great news since they are one more step toward the much-needed full reopening of Hong Kong to the world.

If we look at the situation in early September and we compare it with what it looks like now, we can see that huge progress has been made. Even though Hong Kong has not yet fully reopened it is almost there.

The further easing of restrictions, plus all the high-profile events recently held in Hong Kong, show that the Hong Kong Special Administrative Region is “roaring back”. In this sense, the city held in November its FinTech Week, which was the first major in-person event celebrated in the special administrative region since travel restrictions were eased in late September, and was held alongside the Global Financial Leaders’ Investment Summit on Nov 1 to 3, and the Hong Kong Sevens rugby tournament on Nov 4 to 6. 

Celebration of these kinds of events will undoubtedly allow Hong Kong to maintain and even strengthen its role as one of the world’s most important financial centers. 

Also, this will undoubtedly facilitate the reopening of Hong Kong’s borders with the mainland, so necessary for the recovery of the city’s economy and the mainland’s.

That being said, the situation is not perfect yet. The current anti-COVID-19 program, albeit much better than before, discourages many others from visiting Hong Kong given that passengers are still required to take a PCR test at the airport and also on day two, causing Hong Kong to lose potential tourists and talent, at a time when other financial centers are willing to take advantage of Hong Kong’s situation.

Given that isolation protocols remain in place and those arrivals still need to take a PCR test at the airport and on their third day in the city, and a rapid antigen test for five days, the situation is not yet ideal.

The bottom line here is, if we compare Hong Kong’s current situation with that before late September, the city has progressed hugely. Nevertheless, if we compare the city’s situation with that of most of the world’s other important financial centers — and to a greater or lesser extent, its competitors (London, New York, Frankfurt, Tokyo, Singapore, etc,) — we can clearly see that Hong Kong is still competing at a disadvantage, despite the new round of easing.

Consequently, Hong Kong should fully reopen and remove the remaining arrival restrictions, especially the PCR-related ones, as soon as possible. The only restrictions that make sense to keep are those related to wearing masks on public transport and in hospitals. The remaining restrictions, especially those related to testing at the airport and on day two, should be suppressed.

While easing some restrictions has proven to be successful and has encouraged many more visitors to visit Hong Kong, the city should get rid of all remaining travel restrictions as soon as possible, as Singapore, Japan and most Asian neighbors have already done. Otherwise, Hong Kong will remain at a disadvantage for way too long.

It is vital for Hong Kong to maintain and even enhance its role as one of the world’s most important financial centers, and the best way to do so is by fully reopening. As I said, not fully reopening will hinder its economic growth now that Hong Kong has so much potential to grow — not only because of its role as a major financial center but also its involvement in projects like the Guangdong-Hong Kong-Macao Greater Bay Area.

Hong Kong is clearly moving in the right direction, but it needs to get rid of the remaining restrictions as soon as possible to make the most of 2023 and fully reopen to the world and thus maintain and enhance its status as one of the world’s most important financial centers.

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

The views do not necessarily reflect those of China Daily.