Hong Kong will cut quarantine for arriving travellers to 14 days from 21 starting Feb 5, leader Carrie Lam said, a move that follows intense lobbying from finance executives and diplomats who said the measure was hurting competitiveness.

Tough coronavirus rules have made Hong Kong one of the world's most isolated cities, with flights down as much as 90 per cent, Reuters reports.

Residents returning from more than 160 countries have been required to quarantine for 21 days in designated hotels at now have to spend 14 days in a hotel, followed by seven days of self-monitoring, with further details to be announced. She did not say which countries would be covered by the new rules.