“With the relaxation of anti-epidemic measures, Hong Kong’s economy has a chance to recover,” Chan said on Sunday.

“Opening borders with the mainland will benefit the tourism sector as well as local citizens,” he added. “It is vital for Hong Kong as a financial center.”

He pointed out that Hong Kong cannot rely solely on European and American markets, and that it should attract investors globally to enter the local market.

Chan’s comments came amid a 0.4 percent increase in the city’s unemployment rate. At 5.4 percent, Hong Kong’s unemployment rate is at its height since April to June figures last year.

Chan was confident that chief executive-elect John Lee Ka-chiu, who has also made reopening borders a top policy priority, will be able to achieve economic development as well as innovations in technology.

Earlier this month, Lee said that virus control measures must be balanced with economic development.

While Hong Kong has relaxed its social distancing rules, it still retains strict travel regulations.