Hong Kong’s new leader on Wednesday unveiled plans to revitalize the business hub, hoping to lure international expertise back to a city that has suffered an exodus of talent and is mired in a deep downturn.

John Lee, a former security chief anointed by Beijing, delivered a first policy speech that focused heavily on reviving the economy and maintaining security while acknowledging that tens of thousands of people had fled a city seen as a gateway to China serves.

“In the last two years, the local workforce has shrunk by about 140,000,” he said. “In addition to actively nurturing and retaining local talent, the government will proactively scour the world for talent.”

Hong Kong has experienced its most turbulent period since the city was handed over to China in 1997.

Huge and sometimes violent pro-democracy protests three years ago have been followed by a sweeping crackdown on dissent and some of the world’s toughest rules for the coronavirus pandemic, many of which remained in effect long after competing centers reopened.

The city, which just last month lifted mandatory quarantine on international arrivals, is expected to end the year in a full-blown recession and see its budget deficit skyrocket.

The border with mainland China remains all but closed due to Beijing’s strict zero-Covid rules.

Lee’s speech presented his blueprint to reverse the downturn and restart the city as an attractive international hub.

Measures introduced included HK$30 billion (US$3.8 billion) for a new investment fund to attract foreign companies and make it easier to hire foreigners in 13 key jobs.

The city will also give preferential treatment to “top talent,” defined as those earning HK$2.5 million annually or more, and graduates from the world’s top 100 universities who have relevant work experience.

Overseas talent who paid extra taxes when buying Hong Kong property can get a refund if they become permanent residents, a status available after seven years in the city, Lee added.

Hong Kong is gradually moving away from its version of China’s zero-Covid policy after nearly three years, which failed to keep the virus out and cut the city off internationally.

Experts and business groups had long warned that tough coronavirus policies are driving out foreign companies and making it harder to attract and retain talent

Authorities have scrapped the unpopular hotel quarantine for arriving travelers and relaxed some social distancing rules.

But the pace of Hong Kong’s reopening is still lagging behind regional rivals like Singapore – which has embarked on a charm offensive to attract international talent and has rebounded as a global transportation hub.

Aside from the pandemic, many residents — particularly locals — have cited the ongoing political crackdown as the main reason for leaving, with many workplaces and schools being reshaped by pro-Beijing ideology.

Beijing imposed a sweeping national security law on Hong Kong in 2020, following anti-democracy protests the year before, transforming the city’s once open atmosphere and eradicating most dissent.

Most prominent local democracy activists are either in prison, awaiting trial, or have fled abroad.

City leader Lee, who took office in July, is a former security chief who oversaw the crackdown and is on a list of officials sanctioned by the United States.

Lee stressed that the government will push for more national security legislation and possible new rules on “misinformation.”

“Hong Kong’s development does not allow for delay. Social stability is the prerequisite for our development, and we must free ourselves from any interference,” Lee said.

A poll by the Hong Kong Public Opinion Research Institute (PORI) found that 60 percent of supporters of the pro-democracy camp were dissatisfied with Lee’s political stance in his first 100 days in office.

According to PORI, 42 percent of centrists and Beijing supporters said they were satisfied.