Hong Kong SMEs expect slower growth, but they still want to hire talent: survey
Hong Kong's small and medium-sized enterprises (SMEs) are finding it more difficult to repay debt and expect slower business growth this year, though they still plan to hire staff and invest in technology, according to a survey released on Thursday.
Advertisement
Around 57 per cent of Hong Kong respondents said they expected their business to grow in 2025, down from 69 per cent in 2024, according to the 16th annual edition of CPA Australia's Asia-Pacific Small Business Survey for 2024 and 2025.
In 2024, 65 per cent of the surveyed Hong Kong SMEs reported business growth – the strongest performance since 2017 – an increase from 57 per cent in 2023.
The survey collected views from 4,236 SMEs in November and December in 11 markets across the Asia-Pacific region, including Hong Kong, Singapore, mainland China and Australia.
'Many SMEs are facing multiple challenges, including US tariffs, tightening financing conditions and increased market competition,' said Cliff Ip, a councillor at the Greater China Division of CPA Australia, a group representing the accountancy industry.
Advertisement
He said that when the survey was conducted, Donald Trump had been elected US president, so respondents expected Washington to impose tariffs on many markets. This may explain why Hong Kong respondents expected a slowdown.
Hong Kong's confidence ranked the eighth among the 11 markets; higher than Australia, where only 55 per cent of respondents expected business growth in 2025. Taiwan was at 52 per cent and New Zealand stood at the bottom at 47 per cent.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
6 hours ago
- South China Morning Post
Hong Kong's 1980s nightlife culture makes dazzling return at site of old Club Bboss
More than a decade after Club Bboss was closed , a new nightspot has launched on the same site where the once-glamorous establishment operated for 28 years, with the goal of attracting tourists and young revellers eager for a glimpse of Hong Kong's 1980s clubbing heyday. Advertisement The new spot – known as Big Boss Generation (BBG) – opened for business on Saturday in the old club's 56,000 sq ft site at the New Mandarin Plaza in Tsim Sha Tsui East. It will use the former occupant's old Chinese name, which translates to Big Boss Club. 'Big Boss Club is not only a household name in Hong Kong, but a well-known global brand,' said BBG CEO Edward Li at the grand opening ceremony that was also attended by Japanese actress Sola Aoi . 'We want to continue to develop this home-grown Hong Kong intellectual property.' BBG, which raised over HK$100 million (US$12.7 million) from mainland Chinese and Hong Kong investors, planned to revive some well-known features of the old club, according to Li. One such feature shown at Saturday's opening was the signature golden Rolls-Royce-themed vintage car, which the old BBoss used to transport customers to their private booth. The new establishment also revived Bboss' famous large dance floor – roomy enough for 500 guests – as well as 50 private rooms, Li said, adding that the club's total capacity could accommodate 1,900 guests at the same time. The signature golden Rolls-Royce vintage car of Club Bboss gets the spotlight at the launch of the Big Boss Generation nightspot in Tsim Sha Tsui East. Photo: Nora Tam Li said the large dance floor and all the private rooms could be rented for a wide range of activities, including concerts, exhibitions, press conferences, wedding receptions and birthday parties. BBG launch guest Aoi hosted a fan event at the premises, where she met hundreds of admirers.
South China Morning Post
6 hours ago
- South China Morning Post
Xi urges Communist Party to learn from pioneer of China's economic planning
Chinese President Xi Jinping urged the ruling Communist Party to learn from the legacy of early party figure Chen Yun – a pioneer of China's economic planning – in remarks on Friday to commemorate the 120th anniversary of the late statesman's birth. Advertisement Xi called on the party to have unwavering confidence when facing 'chaotic and complex turbulence', and to strengthen its ability to cut a path for China's economy with 'objective and thorough' research, according to state news agency Xinhua. The party is preparing for an annual conclave, to be held later this year, focusing on the next five-year plan covering 2026–2030 . The national economic development plan will serve as a blueprint to sharpen China's competitive edge and address weak links exposed in its rivalry with the United States. Xi made the remarks at a meeting in Beijing to mark the anniversary of Chen's birth in 1905. China's ruling party typically commemorates the birthdays of revolutionary elders every 10 years. Modern leaders often weave their policy priorities into their commemoration speeches as a way to rally the party and draw inspiration from the elder statesman's political legacy. Advertisement
South China Morning Post
6 hours ago
- South China Morning Post
Hong Kong to explore need for new law covering building repairs by landlords
Hong Kong's Urban Renewal Authority will examine whether legislation should be introduced requiring landlords to create periodic maintenance plans for their blocks and ensure sufficient funds for the work. The study would also cover the possibility of creating a new statutory body to supervise building restoration and maintenance, according to the authority's retiring head, Wai Chi-sing. Wai stressed the importance of 'preventive maintenance' by homeowners while also pledging the authority would play a 'facilitator's' role to study ways to extend the lifespan of buildings. He outlined the ideas in a blog entry published on the authority's website on his final day as the authority's managing director on Saturday. Wai said the authority would embark on a study for the New Strategy for Building Rehabilitation 2.0 this year, following the completion of the previous one in 2020. 'Specifically, we will explore whether to require landlords to formulate periodic maintenance and repair plans for their buildings, and to formulate arrangements for budgeting and contributions to maintenance funds through making laws or amending relevant regulations related to building maintenance,' Wai wrote.
