Hong Kong’s small businesses more confident of growth than their mainland China, Singapore peers, survey shows

Name: How Hang Seng Bank helps Hong Kong’s SMEs adapt to new challenges
Uploaded: 2024-04-23T06:30:17.000Z
Duration: 2 min 28 s
Description: How Hang Seng Bank helps Hong Kong’s SMEs adapt to new challenges

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Some 69 per cent of SMEs in Hong Kong see themselves growing in 2024, according to the Asia-Pacific (APAC) Small Business Survey 2023-24. Photo: Yik Yeung-man

Enoch Yiu

Published: 2:30pm, 23 Apr 2024

Hong Kong’s small and medium-sized enterprises (SMEs) are more optimistic than their peers in mainland China, Singapore and Australia when it comes to growing their businesses this year, thanks to government support, an improving local economy and an increase in online sales, according to a survey released on Tuesday.

Some 69 per cent of SMEs in Hong Kong see themselves growing in 2024, according to the Asia-Pacific (APAC) Small Business Survey 2023-24 carried out by accounting body CPA Australia, which polled 4,222 small companies in 11 markets across the region in November and December.

Hong Kong more or less matched the average for the region, with 70 per cent of respondents expecting to see their business grow this year. That compared to Australia, where 53 per cent anticipated expansion, and Singapore, where 58 per cent of those polled were optimistic.

In mainland China, New Zealand and Taiwan the proportion of companies foreseeing growth was 59 per cent, 60 per cent and 63 per cent respectively.

The biggest displays of confidence came from Malaysia on 78 per cent, India and Indonesia both on 84 per cent, Vietnam on 86 per cent and the Philippines which scored highest with 89 per cent.

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How Hang Seng Bank helps Hong Kong’s SMEs adapt to new challenges

“Hong Kong small businesses made a steady recovery last year, and most project a mild expansion in 2024,” said Cliff Ip, divisional president of CPA Australia 2024 in China.