{"id":19330,"date":"2021-12-07T05:00:00","date_gmt":"2021-12-07T05:00:00","guid":{"rendered":"https:\/\/eodishasamachar.com\/en\/2021\/12\/07\/cpa-australia-confidence-improves-but-uncertainty-weighs-on-hong-kongs-economic-outlook\/"},"modified":"2021-12-07T05:00:00","modified_gmt":"2021-12-07T05:00:00","slug":"cpa-australia-confidence-improves-but-uncertainty-weighs-on-hong-kongs-economic-outlook","status":"publish","type":"post","link":"https:\/\/eodishasamachar.com\/en\/2021\/12\/07\/cpa-australia-confidence-improves-but-uncertainty-weighs-on-hong-kongs-economic-outlook\/","title":{"rendered":"CPA Australia: Confidence improves but uncertainty weighs on Hong Kong\u2019s economic outlook"},"content":{"rendered":"

\n<\/p>\n

\n

HONG KONG SAR –\u00a0Media OutReach<\/a>\u00a0– 7 December 2021 –\u00a0Hong Kong’s economic outlook has improved and is in
\nline for modest growth next year, according to a new survey by one of the
\nworld’s largest professional accounting organisations, CPA Australia<\/a>.<\/p>\n

<\/p>\n

(from left to right) Mr Peter Lee, Divisional President 2013 of CPA Australia in Greater China; Mr Eden Wong, Divisional Deputy President 2021 of CPA Australia in Greater China; Mr Janssen Chan, Divisional President 2021 of CPA Australia in Greater China; Mr Anthony Lau, Divisional President 2020 of CPA Australia in Greater China<\/span><\/h6>\n

<\/p>\n

\u00a0<\/p>\n

CPA Australia surveyed 214 Hong Kong-based
\naccounting and finance professionals about the local economy. Sixty-seven per cent of respondents indicated they expect
\nHong Kong’s GDP to grow in 2022. Of those, 52 per cent expect the economy to
\ngrow by up to 2.9 per cent, while 15 per cent believe it will grow by 3 per
\ncent or more during the year.<\/p>\n

\u00a0<\/p>\n

Janssen Chan FCPA (Aust.) CPA Australia Divisional President of Greater
\nChina said, “Measures to combat the pandemic and stimulate the local economy, such as
\nthe consumption voucher scheme, have bolstered the city’s economic recovery and
\nprospects. Most respondents are cautiously optimistic about Hong Kong’s economic
\noutlook and think the economy will grow at a modest pace. <\/p>\n

\u00a0<\/p>\n

“However, restrictions on cross-boundary travel and the
\npandemic remain the top barriers to economic growth nominated by respondents. Despite improvements in overall
\nbusiness and economic sentiment, we should be mindful of the risk of an unequal
\neconomic recovery among different industries and the ongoing challenges posed
\nby COVID, such as the emergence of the Omicron variant.” <\/p>\n

\u00a0<\/p>\n

Fifty-three per cent of respondents predict their company’s revenue will
\nincrease next year, with 47 per cent expecting revenue growth of up to 29 per cent. Reflecting a more positive outlook, 36 per cent of
\nrespondents report their company will increase staff count in 2022, up from 13
\nper cent in 2021. Fifty-nine per cent of respondents expect their salary to
\nincrease in 2022, compared to only 15 per cent in 2021. <\/p>\n

\u00a0<\/p>\n

Chan observed, “The survey findings indicate that business confidence in Hong Kong has
\nimproved over the past 12 months. Last year, only 26 per cent of respondents expected
\ntheir company’s revenue to increase in 2021. In contrast, reflecting a
\nbetter-than-expected recovery, 50 per cent of respondents said revenue will grow
\nthis year.<\/p>\n

\u00a0<\/p>\n

Meanwhile, 78 per cent of respondents expect their company to expand its
\nbusiness activities outside of Hong Kong in the next three years, with Mainland China being
\nthe top destination of choice followed by Southeast Asia. <\/p>\n

\u00a0<\/p>\n

“Strong intentions to expand business
\nactivities into other markets is another sign of economic recovery. As an
\ninternational city, expanding Hong Kong’s economic and trade connections will help
\naccelerate the city’s economic recovery and enhance its competitiveness. <\/p>\n

\u00a0<\/p>\n

“China recently upgraded its ties with ASEAN
\nto a comprehensive strategic partnership. With ASEAN being Hong Kong’s second largest
\ntrading partner, companies in Hong Kong will be eager to seize the markets
\nopportunities from ASEAN economies as well as greater connectivity with other
\nparts of the Greater Bay Area (GBA).”<\/p>\n

\u00a0<\/p>\n

Six in ten survey respondents think
\nstrengthening Hong Kong’s position as an international financial centre will
\nimprove the city’s international competitiveness. When asked what measures are
\nneeded to achieve this, most respondents chose supporting FinTech and other
\ndigital finance innovation, followed by Hong Kong’s status as an offshore
\nrenminbi (RMB) centre and attracting and retaining finance talent. <\/p>\n

\u00a0<\/p>\n

Chan commented, “Greater cooperation with
\nQianhai to expand the scope of Hong Kong’s offshore RMB product offering will
\nbolster Hong Kong’s position as a leading offshore RMB centre. We also expect the
\nfinancial integration schemes launched in the GBA this year to boost economic
\ngrowth in 2022. <\/p>\n

\u00a0<\/p>\n

The ambiguous timetable for resuming
\ncross-boundary travel and risks of further COVID-19 outbreaks continue to weigh
\non economic sentiment. Chan
\nsaid, “While Hong Kong’s economy is recovering, challenges such as the
\nemergence of the Omicron variant continue to present significant uncertainty.
\nBusinesses should keep focusing on innovation and technology including digital
\ntransformation, attracting, nurturing and retaining talent, and improving business
\nefficiency in 2022 to adapt and thrive in this volatile environment.” <\/p>\n

\u00a0<\/p>\n

Chan suggested that the government may wish to
\nconsider several initiatives to support Hong Kong’s economic growth in 2022. <\/p>\n

\u00a0<\/p>\n

“One option to support Hong Kong businesses is
\ndeveloping a roadmap to resume cross-boundary travel with fewer restrictions with
\nMainland China and some ASEAN countries. Other possible initiatives include allocating
\nadditional resources to the Branding, Upgrading and Domestic Sales (BUD) Fund
\nand the SME Export Marketing Fund, and signing more free trade agreements and comprehensive
\ndouble taxation agreements with other economies.” <\/p>\n

\u00a0<\/p>\n

“Further, we
\nbelieve the government should consider promoting green and sustainable finance by
\nintroducing incentives and regulatory reforms to encourage financial
\ninstitutions to expand their offerings of green and sustainable funding options,
\nas well as offering more RMB-denominated green financial products.” <\/p>\n

\u00a0<\/p>\n<\/p><\/div>\n\n
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

HONG KONG SAR –\u00a0Media OutReach\u00a0– 7 December 2021 –\u00a0Hong Kong’s economic outlook has improved and is in line for modest growth next year, according to a new survey by one of the world’s largest professional accounting organisations, CPA Australia. (from left to right) Mr Peter Lee, Divisional President 2013 of CPA Australia in Greater China; …<\/p>\n","protected":false},"author":1,"featured_media":19331,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[60],"tags":[],"_links":{"self":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/posts\/19330"}],"collection":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/comments?post=19330"}],"version-history":[{"count":0,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/posts\/19330\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/media\/19331"}],"wp:attachment":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/media?parent=19330"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/categories?post=19330"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/tags?post=19330"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}