HONG KONG (BLOOMBERG) - Hong Kong can reverse the trend of rising coronavirus cases and achieve "Covid zero" as it increases isolation facilities and testing, Chief Secretary for Administration John Lee said.

Nine projects constructed with the help of China will provide about 50,000 beds and will significantly enhance Hong Kong's isolation capabilities, Mr Lee said in a blog post on Sunday (March 6). Some of the facilities are expected to be completed this month, and the others in in April or later, he said.

"With the increase of isolation facilities, coupled with effective large-scale testing, Hong Kong will have the strength to reverse the upward trend of the epidemic to a downward one, so as to control the epidemic development and reach zero cases," Mr Lee said.

Hong Kong's resources are under pressure from a wave of Covid-19 infections that has pushed its death rate from the pandemic to one of the highest in the world.

Hong Kong reported 31,008 new coronavirus infections on Sunday as Mr Lee said residents should not worry about a looming mass testing scheme with details to be announced and authorities ensuring a steady supply of food.

Fatalities have been concentrated in the under-vaccinated elderly and the virus has spread to more than 750 care facilities - including those that house disabled residents - sparking concern of worse to come.

The authorities are working on a citywide compulsory testing scheme of its entire population of 7.4 million.

The government will devise a plan based on the situation in Hong Kong and will communicate details to the public so they can understand and prepare, Mr Lee said. The government will ensure a stable and sufficient supply of food and necessities throughout the testing process, he said.

Hong Kong's financial markets will remain open in the event of restrictions being imposed on residents, including stocks, derivatives, bonds, currencies and foreign exchange, the city's Financial Secretary Paul Chan said in a separate blog post on Sunday.