HONG KONG (Reuters), A financial industry group has warned that Hong Kong’s Zero-COVID policy, strict quarantine requirements and ban on international travel to the city could jeopardize its position as a financial centre.

According to the Asia Securities Industry and Financial Markets Association, 48% of its members (including some of the largest banks and asset managers in the world) were considering moving their staff away from Hong Kong because of operational difficulties. This included uncertainties about when and how quarantine restrictions would be lifted and uncertainty over travel plans.

Hong Kong is home to some of the strictest travel restrictions anywhere in the world. It is almost COVID-19-free. However, unlike its regional neighbor Singapore which slowly opens up its borders, Hong Kong’s Chinese government has no plans for international travelers.

The local authorities say that their goal is to remove restrictions for travel from Hong Kong and mainland China. China also has restrictive entry rules. Currently, travellers to Hong Kong from the mainland have to undergo quarantine.

“Hong Kong’s status as an (international financial centre) is increasingly at risk along with its long-term economic recovery and competitiveness as a premier place to do business,” Mark Austen chief executive of Asifma wrote in open letter to Hong Kong’s financial secretary Paul Chan.

The letter made a series of recommendations including publishing “a roadmap for exiting Hong Kong’s ‘zero-case’ based COVID-19 strategy beyond solely the immediate goal of opening borders with China”, as well as prioritising vaccinations.

Since the outbreak, Hong Kong reported only 12,300 new cases, mostly from imported sources, and 213 deaths.

Singapore’s regional rival is expanding travel without quarantine to more than a dozen countries. However, authorities struggle to decide how to make this happen while keeping older adults and the weaker immune system from becoming more vulnerable to Covid-19.