53% of Hong Kong Firms Target GBA for Growth, Driven by Innovation and Market Potential
An impressive 53% of businesses in Hong Kong are setting their sights on the GBA, incentivised by its expansive market opportunities, technological innovation and supportive government policies.
This research conducted across 277 C-suite and senior management leaders across the Chinese Mainland, Hong Kong and Taiwan offer a detailed outlook on the Greater China's business landscape for 2024. These are told from the lens of top decision makers from the region's prominent companies.
"The 2024 Page Insights C-suite Confidence Insights report marks a transformative period for Hong Kong's business sector, emphasising the pivotal role of the GBA in shaping a future rooted in strategic expansion and progressive innovation," stated Rupert Forster, Senior Managing Director at Michael Page Greater China.
"This report reflects the buoyant optimism amongst business leaders and highlights their commitment to seize emerging opportunities, draw in top-tier talent, and stimulate economic growth. The GBA stands as a vibrant hub of untapped potential, positioning Hong Kong's businesses ahead of the economy."
The sectors at the forefront include Banking & Financial Services, Technology, FMCG, Healthcare & Life Sciences, and Industrial & Manufacturing. These industries, driven by innovation and technological advancement, are poised to lead the expansion into the GBA, showcasing the region's ability to attract diverse business interests.
Amidst this environment of growth and expansion, the sentiment among C-suite leaders in Hong Kong is positive. With confidence scores of 6.8 (out of 10) for company outlook and 6.7 for industry outlook, the report indicates a sense of optimism about the future. This optimism is grounded by strategic planning at the C-Suite level and a clear vision for 2024 and beyond.
In addition, the report highlights a strategic shift in hiring needs, with an increase in roles within sales, marketing, technology, and R&D sectors. This shift reflects the industries' progression towards innovation and indicates a broader trend of adapting to the changing business landscape. On the opposite side, there's a strategic reduction in roles within finance, legal, HR, and administration, signaling a move towards leaner, more efficient operational models.
The report's insights into the strategic importance of the GBA, coupled with a proactive approach to talent acquisition and business development, position Hong Kong as a central hub for innovation and economic growth in the region.
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