Hong Kong’s ambition of retaining its premier business hub crown faces headwinds amid the continuing outflow of workers from the city and increasing competition from neighbouring Singapore.

In his maiden policy address, new Hong Kong Chief Executive John Lee unveiled a new visa scheme, called the “Top Talent Pass”, as part of a number of initiatives to retain and attract talent to the city. Lee, who took office in July, is looking to revive the city’s fortunes amid the exodus of workers in recent years.