US businesses believe in Hong Kong’s legal system, a survey reveals

According to a poll conducted by the American Chamber of Commerce in Hong Kong and released on Tuesday, more US businesses have expressed faith in Hong Kong’s legal system and its standing as a center for arbitration. Based on the opinions of 136 business decision makers from AmCham member businesses, the organization’s 2024 Members Business Sentiment Survey was carried out online in November and December. Of those surveyed, 35% have global revenues higher than $1 billion. In the Hong Kong Special Administrative Region, 79% of respondents indicated they feel confident in the rule of law, up from 25% in 2022 and 73% in 2023, according to the survey.

 

Approximately 72% of the executives expressed their expectation that the Special Administrative Region (SAR) will maintain its status as a center for arbitration to some degree, particularly for companies that have contractual agreements with their mainland Chinese counterparts. Senior business leaders listed the SAR’s benefits as an arbitration venue, including Hong Kong’s unique place in the global financial industry, the city’s judicial independence, the application of common law and the expertise of legal practitioners, ease of enforcement, and clean government. According to the poll, 69% of senior representatives from the firms stated that the National Security Law for Hong Kong had no detrimental impact on their operations.

 

Due to its international connectivity, free flow of capital, low and straightforward tax regime, legal and regulatory system, free flow of information and data, the city’s status as the gateway to the Chinese mainland, effective infrastructure and transportation links, and its efficient infrastructure and transportation links, seventy-six percent of the respondents saw Hong Kong as highly competitive or competitive as an international business hub. Hong Kong’s competitiveness is being harmed by the expense of living, which includes housing, the cost of conducting business, and the scarcity of talent. The top three business challenges this year, according to thirty-four percent of the polled firms, are the slowing mainland economy, US-China tensions, and foreign public impressions of Hong Kong. Nevertheless, they remain positive about business conditions in Hong Kong in 2024.

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