Ins and outs of long-awaited summit

The unsparingly promoted Global Financial Leaders' Investment Summit kicks off tomorrow.

The good news is that Financial Secretary Paul Chan Mo-po has recovered in time to fly out of Saudi Arabia to reach home today.

Unless he fails a PCR test at Hong Kong airport, he will be able to give the keynote speech at the opening ceremony.

Although inbound travelers are subject to yellow-health-code restrictions barring them from visiting designated premises including restaurants, summit VIPs are granted special privileges to socialize inside the summit bubble.

As said in this column, it is vital for Chan to attend the event in person rather than via video link if Hong Kong is to impress upon guests from the international business world that it is back in business after almost three years of self-isolation due to Covid.

Chan's quick recovery surprises no one as hundreds of thousands, or millions, of Hongkongers have personally gone through the process and know what it is like.

If Chan has recovered as quickly as most people have done, this suggests that Citigroup chief executive Jane Fraser may have also recovered since her infection was announced the day the SAR's financial secretary tested positive.

If Chan is able to fly long haul in order to catch up with visitors from the international financial community, why can't Fraser?

Perhaps event organizer the Hong Kong Monetary Authority should communicate with Citigroup to enquire further whether Fraser is now also feeling well enough for a meet-up.

That's the timely good news for now.

Then, the bad news is that two more bankers are not flying in after changing their minds at the last minute.

Barclays chief executive Coimbatore Venkatakrishnan is not coming because he has amended his schedule and will not travel to Asia at all as originally planned. There has been no mention of what else the Barclays chief is up to after canceling the Asian trip.

Meanwhile, Blackstone president Jonathan Gray pulled out of the event at the last minute after he was said to have contracted Covid. He is sending a subordinate to attend on his behalf.

Gray's absence is understandable since, though also due to Covid - which is considered by many Americans to be a mild disease - is still viewed here as a serious public health threat warranting the application of various color health codes onto residents and visitors.

Nonetheless, what is most puzzling is the absence of senior mainland financial officials. If someone like central banker Yi Gang or regulatory commission chief Yi Huiman had undertaken to come in person, it would have been all the better.

Perhaps mainland officials are currently preoccupied with more urgent business at home after the 20th Chinese Communist Party congress.

Although the disappearance of some big names is not expected to have any material impact on the conference, typhoon Nalgae may.

The observatory is predicting a Nalgae path closer to the Pearl River estuary tomorrow or Thursday.

HKMA chief executive Eddie Yue Wai-man had better draw up a contingency plan in the event of No 8 typhoon signal.