Chief Executive John Lee Ka-chiu offered a tint of a different kind in his maiden policy address.

If not for Hong Kong's self-imposed Covid restrictions as well as the US technology sanctions on China, it would be easier to achieve the various initiatives.

These include a major goal to lure at least 100 high-potential IT enterprises to set up or expand their presence in Hong Kong along with their talented employees.

Although it is too early to say whether the SAR can pull ahead of Singapore and other competitors that have already rolled out even more favorable visa policies for top talent, the administration is trying to catch up.

Let's keep our fingers crossed as we monitor how the world responds to that.

A key proposal in the policy address is the introduction of a new Top Talent Pass Scheme to lure high-earning and well-educated individuals to settle in Hong Kong.

Applicants of the new visa will have to demonstrate they are earning at least HK$2.5 million a year or have graduated from one of the world's top-100 universities with at least three years' work experience over the past five years.

Successful applicants will be issued a two-year pass to explore opportunities here.

As an additional incentive, eligible talent buying a home in Hong Kong can apply for a refund of some special stamp duties after becoming a permanent resident at the end of the seven-year residence.

But conditions of the new visa, which has been anticipated for awhile, appear to be too strict for the purpose.

Let's be frank about it: would it be difficult for someone who is already making HK$2.5 million or more a year to secure a work visa? Also, will it be too long a wait for them to claim the stamp duty concessions?

Nonetheless, in contrast to the UK's top talent visa that targets graduates from the world's top-50 universities, the SAR's new visa to admit graduates from the world's top 100 doubles the pool size.

Perhaps some mainland universities that earlier decided to withdraw from global ranking polls may have to reconsider their decisions if their graduates are to be considered for admission under the new top talent visa.

To help China resist US technology sanctions, Lee's pledge to invest HK$10 billion in at least 100 university research units with the potential to grow into start-ups and co-invest HK$30 billion to attract strategic businesses to come will help ease China's dependence on Western technology.

Time will tell whether this is a long shot or not.

Probably, the chief executive is aiming to tap talent from the mainland and Southeast Asia, rather than the West.

What matters is that, as the government looks elsewhere for talented minds, it must also look at ways internally to retain they city's own talent.

In the face of global competition for talented individuals, the city faces an uphill task to stand out as an attractive destination.

Doing so may not guarantee success - but not doing so guarantees failure.

Playing catch-up on global talent quest