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People's Daily Online>>China Business

HK faces increased pressure amid bleak global economy: Deloitte survey

(Xinhua)

20:35, December 05, 2011

HONG KONG, Dec. 5 (Xinhua) -- Hong Kong business is expected to face increased pressure due to the pessimistic outlook of the global economy but will not be badly influenced as the time of SARS in 2003 and global financial crisis in 2008, a survey conduced by Deloitte China revealed Monday.

The survey was conducted by over 200 participants from Hong Kong's banking sector, clients of Deloitte and some members of professional accounting body CPA Australia, over a two-month period from August to September this year.

According to the result, 54 percent of respondents forecast the U.S. economy will weaken in the next 12 months while 68 percent believed the economic situation of Portugal, Italy, Ireland, Greece and Spain will further deteriorate over the same period.

As for Hong Kong, most respondents believed the local economy will be affected by the global uncertainty. Almost 78 percent of respondents anticipated the net profit of their business will drop by up to 10 percent in the next 12 months. Under the current environment, the appreciation of RMB, the depreciation of the U.S. dollar and the tightening of credit terms of banks and lenders are the top three challenges for Hong Kong companies.

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