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Media Release– December 14, 2006 Attn: News / Business / China Editors American and Hong Kong business leaders have almost unanimously cast a vote of confidence in the territory’s overall business environment, according to results of the latest Business Outlook Survey conducted by the American Chamber of Commerce in Hong Kong. An overwhelming 98% of 213 AmCham member companies polled gave either “very satisfactory” or “somewhat satisfactory” ratings, up two percentage points from the previous year. Nearly two out of three respondents (64%) also forecast that the business environment will continue to be “good” for their companies next year, while another 36% gave a “satisfactory” forecast. Half of the respondents said they would expand their businesses in Hong Kong and hire more staff in the next three years. Only 8% have plans to gradually downsize and 9% may reduce staffing levels. Asked about the Closer Economic Partnership Arrangement (CEPA), half of the companies surveyed said their businesses have not benefited because either their businesses are not relevant (40%) or CEPA’s terms of reference do not apply to their industries (34%). Those who have benefited from CEPA cited the advantages of an improved level of market access in Mainland China (67%), the ability to set up wholly owned foreign enterprises (33%) and reduced business entry cost into the Mainland market (26%). The business outlook for China also continues to be upbeat, with 94% of respondents rating 2007 as “good”(52%) or “satisfactory” (42%). An overwhelming majority (93%) of respondents whose companies have existing operations in the Mainland said they plan to make additional investments over the next three years. Among those with no operations in China, 45% said they plan to enter the Chinese market during the same period. Commenting on the survey results, AmCham President Jack Maisano said, “It is good to see that Hong Kong continues to rate extremely high in all the traditional areas of strength -- such as its legal system, free flow of capital and communications network. “At the same time, confidence in the economic future of both Hong Kong and China is, if anything, even higher than in years past. This is a great combination to build on. " Commissioned by AmCham Hong Kong for the 17th year, the survey was conducted by ACNielsen in October and November this year. Questionnaires mailed to 757 company representatives and individual members were collected on or before November 14, with the response rate being 28%. The margin of error is +/- 3.4%. Among the respondents, 55% of the companies are based in the United States, 29% in Hong Kong and 3% in the United Kingdom. For inquiries, please contact Pamela Ngai, Press Affairs Manager, AmCham, on 25306915, or by email:
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. The full survey report is available for download at: Photos of AmCham Chairman Steve Marcopoto and President Maisano taken at this morning’s press conference are available at: (The one wearing a blue tie is Jack Maisano, the one wearing a red tie is Steve Marcopoto.)
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