Hong Kong Competitiveness Under Pressure

Hong Kong

Hong Kong

Greater support for businesses to undertake fintech and innovation in Hong Kong are among ideas from CPA Australia to ensure the Special Administration Zone’s position as one of the world’s best places to do business.

CPA Australia, one of the world’s largest professional accounting bodies, has encouraged the Hong Kong government to provide even greater support to spur businesses and entrepreneurs to undertake innovation in Hong Kong.

The recommendations follow the release of economic sentiment survey data from CPA Australia that reveals strong support for the government to take further action to ensure Hong Kong’s position as one of the world’s best places to do business is maintained.

Hong Kong-based members are concerned about the region’s competitiveness with 56 percent of respondents expecting it will decline in 2017. The respondents believe that Mainland China and Singapore are the markets that are challenging Hong Kong’s competitiveness the most.

Other Recommendations

The polarised political environment was seen as most likely to have a negative impact on the economy. However E-commerce, healthcare and IT/technology are the industries that are viewed as having the highest growth potential. Other recommendations to improve Hong Kong’s international competitiveness include:

  • Providing greater support for businesses to undertake fintech activity in Hong Kong.
  • Provide greater support for Hong Kong businesses to undertake research and foster innovation

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