Mainland Chinese language corporations outnumber US ones in Hong Kong, a primary | World Information
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The variety of American firms with regional headquarters in Hong Kong has dropped beneath mainland Chinese language corporations for the primary time in at the very least 31 years.
There have been 240 US firms with regional hubs within the metropolis as of June 1, down 14 from the earlier 12 months and the bottom quantity since 2002, in response to knowledge launched by the Census and Statistics Division courting again to 1991. Mainland Chinese language corporations with regional headquarters in Hong Kong fell by one to 251, the information present.
Strict Covid curbs, a nationwide safety marketing campaign and the struggling financial system have dented Hong Kong’s enchantment as a world finance heart, with companies shifting sources to different facilities akin to Singapore. Whereas Hong Kong has eliminated its most onerous pandemic measures, akin to lodge quarantine, guests are nonetheless topic to a collection of restrictions, and the border with mainland China stays closed.
Chief Govt John Lee acknowledged in his coverage deal with final month that the town had misplaced 140,000 employees over the previous two years, and made attracting abroad expertise one in all his prime priorities.
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Will probably be an uphill climb. The variety of visas granted to abroad employees in Hong Kong fell by about two-thirds in the course of the Covid-19 pandemic. Journey has but to select up. Cathay Pacific Airways Ltd., Hong Kong’s flag provider, flew simply 16% of pre-pandemic passenger capability in September, whereas Singapore Airways Ltd. was again to about 73% of 2019 ranges, just like different main world operators like British Airways Plc and Deutsche Lufthansa AG.
Mainland Chinese language corporations accounted for 18% of the town’s regional headquarters, in comparison with 17% by American firms, the information confirmed. Japanese, UK and German firms had been the following greatest by quantity. On the peak in 2012, there have been 333 US corporations with hubs within the metropolis.
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