HSBC Navigator provides comprehensive insight into the now, next and how for business, representing the views of over 9,100 business decision-makers across 35 markets. This report gives an understanding of how businesses like yours can continue to grow now and in the future.
Hong Kong looks to the future
Given its small size, Hong Kong is an over-achiever in GDP terms, benefitting from low taxes and its status as a global financial centre1. Hong Kong’s economy has shown signs of slowing recently, partly due to trade tensions2. However, the region benefits from an underlying sense of responsible, sustainable growth.
Hong Kong adopts an international mindset
Among Hong Kong businesses anticipating sales growth in the next year, the opening of new markets is seen as a key driver of growth (44% of firms state this versus 38% globally) – which goes some way to explaining why businesses are looking to markets beyond APAC.
While a third of Hong Kong businesses are expanding into new markets, just under a third (30%) are focused on improving product and service quality as strategies to overcome threats and business decline.
Among Hong Kong businesses anticipating sales growth in the next year, the opening of new markets is seen as a key driver of growth (44% of firms state this versus 38% globally)
|Vertical integration or shortening the supply chain to ensure its security/resilience||19%|
|Investing in new skills in the workforce||16%|
|Investing in better quality raw materials and suppliers||14%|
|Improving environmental and ethical sustainability||14%|
|Increasing vigilance to prevent cybersecurity breaches||13%|
|Investing in employee wellbeing||13%|
|Investing in data protection||12%|
|Investing in IP protection||9%|
44% of Hong Kong businesses anticipating growth see entry to new markets as a key driver.
On a five-year horizon, 61% of companies anticipate sales growth – while 77% think international trade unlocks new opportunities.
Half of Hong Kong businesses planning changes to their supply chain expect the main benefit to be reduced costs.