Hong Kong started flight operations on its third runway on Thursday, with officials saying it will keep the city's airport competitive as an aviation hub despite its lagging post-pandemic recovery. Hong Kong carrier Cathay Pacific said this week that it will reach 100 percent of pre-pandemic flights in January.

Hong Kong’s third airport runway officially starts operating on Thursday, but there’ll be hardly any additional flight capacity for at least another year.

Hong Kong plans to waive tax on investment gains from cryptocurrencies and other alternative assets for hedge funds, private equity funds and certain family offices as the city strives to enhance its appeal as a wealth management hub.

Hong Kong has sought to position itself as a centre for crypto businesses. Bitcoin has surged since Donald Trump won the US presidential election this month, with investors betting his return to the White House will boost the crypto industry after he championed it on the campaign trail.

Hong Kong’s new tax policy aims to exempt crypto gains tax for hedge funds, private equity funds, and other institutional investors. The proposal, if approved,