HONG KONG —Hong Kong's leader unveiled a new visa scheme on Wednesday to lure global talent as the city struggles to stem a brain drain that has threatened its status as an international financial hub.

Chief executive John Lee said the new Top Talent Pass Scheme will allow those earning an annual salary of HK$2.5 million ($318,472) or more and graduates of the world's top universities to work or take advantage of opportunities in the city for two years.

The drive to attract talent to Hong Kong comes as hundreds of thousands of residents have left the city in recent years due to ongoing political repression and restricted freedoms following the introduction of a tough national security law as well as a strict COVID-19 lockdown. restrictions that have been in place for most of the pandemic.

Over the past two years, the city's workforce has shrunk by about 140,000 people, Lee said.

``We need to be more proactive and aggressive in the competition for businesses and the competition for talent,'' Lee said Wednesday during his first policy speech. ``In addition to actively nurturing and retaining local talent, the government will proactively seek talent globally.''

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