American Chamber of Commerce survey finds businesses in Hong Kong pessimistic about outlook for 2021

More than 40 per cent of the companies surveyed were not upbeat about their prospects for the year ahead

A third said they felt the city had become less competitive as a global business hub over the past year

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A new survey by the American Chamber of Commerce in Hong Kong has found businesses have a gloomy outlook for 2021. Photo: AFP

Published: 8:12pm, 11 Jan 2021Updated: 12:15am, 12 Jan 2021

Members of an influential American business group in Hong Kong are expecting a challenging 2021 – following an already-gruelling 2020 – and have called on the government to offer more clarity on how it intends to bring the coronavirus pandemic to heel and shore up stability in the coming year, according to a new poll.

More than 40 per cent of the companies surveyed by the American Chamber of Commerce in Hong Kong (AmCham) expressed pessimism about their prospects for 2021, while a third said they felt the city had become less competitive as a global business hub over the past year.

The rapid deterioration of US-China relations remained a pressing concern for the business executives surveyed, as did the ongoing pandemic and Hong Kong’s changing political and economic climate.

The pandemic and the political climate are among the issues troubling the business community. Photo: Winson Wong

One of the respondents, seemingly summing up the concerns of many, said: “Much will depend on getting the pandemic properly under control, to stop the ‘on again, off again’ environment. In addition, the geopolitical instability is a major threat.”

The 181 members who responded to the survey – conducted between December 11 and January 4 – represented about 15 per cent of the chamber’s membership, with about half headquartered in the United States, and around a third based in Hong Kong. No mainland Chinese companies responded to the poll.

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