Concern in Hong Kong over WTO membership
Despite now being part of China Hong Kong business people still feel threatened by China's entry to the World Trade Organisation (WTO) and believe the government should provide more information about its impact, a survey of executives found.
"Hong Kong companies are viewing WTO as a threat rather than a major opportunity," said Stephen Lee, Hong Kong branch president of CPA Australia, which commissioned the survey.
Of 442 respondents, 71% cited competitors from China as the biggest threat to profits. Further evidence that the WTO is perceived as a threat came from the finding that only 28% of respondents said they would move to the mainland on their current salaries.
"If only one in four people are prepared to work in China on their current salaries, it shows a lack of awareness or understanding of the opportunities China has to offer," Mr Lee said. The government should do more to educate the public about the impact of China's entry to the WTO, 90% of the respondents said.
However, some positive news from China’s perspective was that 70% of those questioned said they would be more likely to base their operations in the mainland than Hong Kong after China's accession.
Last year's survey found English proficiency to be the biggest obstacle to Hong Kong firms' growth, but executives are now more satisfied with the language skills of the workforce. Hong Kong students had sufficient proficiency in English, according to 42% of those surveyed compared with 24% last year. The figure for Mandarin proficiency was 44% compared with 24% last year.
