In October, the Chief Executive delivered the 2024 Policy Address, outlining a series of reforms that align with current circumstances and adapt to local needs, aiming to create a strong impetus for growth and address key livelihood issues. The report resonates with the Resolution of the Central Committee of the Communist Party of China on Further Deepening Reform Comprehensively to Advance Chinese Modernisation. It leverages the "one country, two systems" framework to establish Hong Kong as an International Hub for High-Calibre Talent. Moving forward, enhancing the implementation of these policies is essential to providing a solid talent foundation for the development of the "eight centres".

     The resolution of the plenary session emphasises that Hong Kong should capitalise on the "one country, two systems" framework to establish itself as a Hub for International High-Calibre Talent. It underscores the importance of aligning "national needs" with "Hong Kong's strengths" to attract the high-end talent essential for national development.

     The strategic move to position Hong Kong as a premier destination for international high-end talent, the latest Policy Address has unveiled a comprehensive set of measures. Central to this initiative is the establishment of the Committee on Education, Technology, and Talents, which will spearhead the integrated development of talents from these crucial sectors. Furthermore, the Policy Address expands the “Top Talent Pass Scheme” to include more universities, offering an increased validity period for the initial visa of high-income professionals from two to three years. A new mechanism under the Quality Migrant Admission Scheme will actively invite top-tier talent to the city, fostering a dynamic environment for development. The “Talent List” will also be updated to encompass professionals needed for the growth of the "eight centres," underscoring Hong Kong's commitment to becoming a global hub for excellence.

     As outlined by the Chief Executive, this year's Policy Address maintains its green cover, symbolising the continuity of government initiatives. Back in 2022, the "Top Talent Pass Scheme" was launched in a bid to draw high-income, highly educated, and experienced professionals. Participants of this scheme are now facing their first visa renewal as the initial two-year period comes to an end. The Policy Address suggests to extend the validity of the first visa from two to three years for high-income talents. However, challenges persist, with many participants encountering employment difficulties due to various reasons, including inter alia, a discrepancy between their skills and local industry needs, or a mismatch in the expectation of remuneration. This highlights the ongoing challenge of aligning international talent with Hong Kong's economic landscape, merely extending the validity of the first visa for high-income participants will not tackle the issue.

     As Hong Kong aims to transform into a Hub for International High-Calibre Talent by attracting individuals who align with both national and local needs and the city's inherent strengths, it's crucial to ensure that incoming talent meets the specific criteria, instead of admitting a wide variety of talents to Hong Kong. The government can achieve this objective by leveraging the newly formed Committee on Education, Technology and Talents. This body can play a pivotal role in assessing the demand for global high-end talent across various industries from the “eight centres”, especially those that coincide with national priorities and local advantages. By adopting this focused strategy, the government can refine the eligibility criteria for the "Top Talent Pass Scheme," such as requiring applicants to have acquired designated years of experience in particular fields or occupations based on the assessment thereof, ensuring a seamless match between imported expertise and local industry needs. This targeted approach increases the probability of the incoming talent securing suitable employment or establishing the needed business in Hong Kong, maximising the utility of the "Top Talent Pass Scheme".

     Under the "Top Talent Pass Scheme," eligible international talents can apply for a two-year visa to explore opportunities in Hong Kong without needing a prior job offer. However, for visa extensions, they must have secured employment, or have established or joined businesses within the city. To enhance the policy's effectiveness, according to the policy address, the government plans to approve at least 50,000 visa extension applications annually for talents admitted through talent admission schemes from 2025 to 2027, an increase of no less than 40% over the annual average from 2021 to 2023.

     The effectiveness of the key performance indicator (KPI) of approving 50,000 renewals annually under talent admission schemes could be hindered due to fluctuating application numbers every year. For instance, if the number of applicants to the talent admission schemes well exceeds 50,000 in a particular year, and the KPI of renewing 50,000 participants remains constant, then the percentage of renewal could be under-targeted. Conversely, if the number of applicants reaches just above 50,000, government may have to bear excessive pressure in order to achieve the target.

     To better assess the schemes’ impact on addressing manpower gaps, it is recommended to permit KPI flexibility every year. One way to attain that is to set a specific annual percentage for the renewals. To ensure a fair and realistic reference, the KPI for the annual renewal rate should be comparable to the employment rate of the local economy of Hong Kong in that given year. This approach will account for fluctuations in the number of applicants each year while monitoring how effectively the imported talent is being utilised by the economy.

     The government should perpetually review whether the renewal rate meets established KPIs and adjust the application criteria of talent admission schemes according to industry demands as needed. Since the visa renewal prerequisite is for imported talent to have secured employment, or have established or joined businesses within the city, so if the percentage of renewal falls below the KPI, this may indicate that the imported talents were not consumed by the local economy. This implies a mismatch between local economic needs and the number of talents. Thus, the application criteria of talent admission schemes shall be adjusted accordingly to better match the needs of local businesses. This proactive approach helps to enhance employment rates among applicants of talent admission schemes and ensure optimal use of imported talent in Hong Kong.

     Lastly, the Central Government has repeatedly stressed the importance of Hong Kong leveraging its unique strengths to fulfil national needs and its support on building Hong Kong into a Hub for International High-Calibre Talent. To achieve this, Hong Kong should also attach great importance to the global expertise essential for national and local development. As an international metropolis where Eastern and Western cultures converge, Hong Kong has consistently excelled in drawing talent from around the world, fostering growth and innovation within the city.

     To enhance its appeal as a Hub for International High-Calibre Talent, and attract targeted global talent for national and local development, the Hong Kong government should coordinate the Hong Kong Talent Engage. To collaborate with the overseas Economic and Trade Offices, and the Hong Kong Trade Development Council's Overseas Offices, in conjunction with pertinent business sectors, to host regular overseas job fairs for the "Top Talent Pass Scheme". These events aim to highlight Hong Kong's specific demands and concrete vacancies for international expertise and introduce the application processes to global talent, thereby proactively attracting foreign professionals to the city. Thus facilitating Hong Kong's commitment to establishing itself as a leading destination for global talent.