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According to a survey conducted by the American Chamber of Commerce in Hong Kong, 60 percent of respondents see that they are most concerned.
Hong Kong’s harsh travel restrictions have become the biggest challenge for doing business at the international financial center, according to a survey of U.S. companies.
In a recent poll released by the American Chamber of Commerce in Hong Kong (AmCham) on Wednesday, 60 percent of respondents chose the city’s travel and quarantine rules as the biggest obstacle to their operation.
The most common concern after US-China relations was travel restrictions, with 44 percent of respondents selected as the COVID-19 pandemic, legal and regulatory uncertainty, and political uncertainty.
Nearly half of the companies said they had suffered “major disruptions” in their offices outside Hong Kong as a result of the cuts, with nearly a third delaying new investments and struggling to fulfill the duties of senior executives.
A quarter of companies surveyed and 44 percent of people said the cuts were likely to leave China a controlled city, building China’s reputation as an international business hub as a result of a legal system. Inherited from Britain.
Under a strict “Zero Covid” policy, the former British colony promises a 21-day quarantine for almost all arrivals and regular slaps. temporary bans on airlines and countries at risk of spreading the virus. A policy designed to integrate with mainland China has shown no signs of easing, despite growing frustration among foreigners and companies, and moving to another place to live with the virus.
Amcham’s poll also revealed a decline in faith in the rule of law in Hong Kong after Beijing imposed a draconian national security law that wiped out almost all political opposition and severely restricted the media and civil society.
Nearly 60 of those surveyed said the rule of law has deteriorated in the last 12 months, with only a quarter describing themselves as confident or very confident in their current situation.
However, more than half described the business climate in the last year as good, very good or excellent, with 47% describing the city as still competitive or very competitive.
Only 5 percent of respondents said they had specific plans to move their headquarters from Hong Kong, and 47 percent were unsure of the move.
41 per cent said they were optimistic or very optimistic about the business outlook for the next 12 months, while 29 per cent said they planned to expand operations over the next two months.
AmCham received 262 responses from its members for a survey conducted from September to October last year.
‘Sustainable success’
AmCham president Tara Joseph said the chamber was proud to have been an “objective and honest broker” for more than 50 years.
“Given the challenges of recent years, it is now more important than ever to maintain a voice in areas that are critical to Hong Kong’s sustainable success,” Joseph said.
Joseph said he hoped the survey would “serve as a starting point for discussion and cooperation to make Hong Kong the main destination for companies around the world.”
“Hong Kong has always been renovated and focused after difficult times, and we hope that businesses, government and residents can work together to overcome the challenges,” he said.
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