Crypto News: Farewell to HK's Covid Quarantine

Hello, it's Rachel in Hong Kong. We're breathing a sigh of relief at the long-awaited scrapping of the city's Covid travel quarantine that's done such damage to its reputation. But first...

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Hong Kong has finally junked its controversial hotel quarantine system for travelers. From 6am last Monday, people could freely walk out of the airport -- albeit subject to multiple Covid tests -- for the first time in nearly three years.

Restrictions remain for now, with travelers not allowed to enter restaurants and other high-risk places for three days after they arrive. But that last hurdle to free travel also looks likely to be dumped before the end of the year.

The bigger question is whether the damage done to the city's reputation and economic prospects can now be reversed.

Hong Kong's shambolic handling of the hotel quarantine system -- and the pandemic overall -- has left a deep scar. It mandated quarantine stays as long as 21 days in the past, as strict as mainland China. Yet unlike Beijing, it didn't control hotel supply or cap prices, leading to a chaotic capitalistic nightmare which left travelers stressed and often stranded.

Travelers in the departure hall at Hong Kong International Airport following the government's scrapping of its hotel quarantine regime. Photographer: Lam Yik/Bloomberg

It's difficult to overstate the significance of travel quarantine in driving expatriates from the once-vibrant city. Its population has declined 1.6% while Singapore's rose 3.4% in the year to June.

At the end of the day, it wasn't really about hotels. It was the fact that living in a city known for being connected and at the economic forefront had become a literal experience of being trapped and isolated.

Hong Kong has its remaining advantages. Besides the mainland proximity and low-tax environment that businesses care about, its stunning natural vistas are a spiritual balm. The city's winter is the nicest four months, weather-wise, that can be found in the region. And its hustling, self-reliant culture still imbues the air with a frenetic, anything-goes excitement.

For those like me that have stayed through the worst months, we no longer have an immediate reason to find a way to leave. But whether anyone else will come -- or return -- remains to be seen. — Rachel Chang

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Ask us anything — well, anything health-related that is! Each week we're picking a reader question and putting it to our network of experts. So get in touch via AskPrognosis@bloomberg.net.