Current growth sectors in Hong Kong in 2022
Hong Kong, or as it is called, the New York of Asia, is full of buildings and home to countless commercial enterprises. Indeed, the peninsula is a true international business center, although there are others. Hong Kong has been able to assert itself and develop over the decades and has never lost a place in the rankings.
From multinationals to start-ups, many companies are developing at full speed.
In this article, we will look at all the growth sectors and the reasons why it is interesting to open a company in Hong Kong.
The 4 pillars of the Hong Kong economy
The banking sector in Hong Kong: the major pillar of the Hong Kong economy.
Hong Kong is the leading financial and business center in Asia, the sixth largest stock exchange in the world and home to no less than 70 out of 100 of the world’s largest banks.
Thanks to its excellent banking system, HK has attracted the largest banks from around the world over the centuries. Here are the reasons:
– Hong Kong’s tax regime: it is a light regime, which is an inescapable asset and which makes it the first offshore center in the world. In addition, its strategic location and tax-free port make it an ideal commercial center. As a result, retail trade plays a crucial role in the operation of banks;
– The Hong Kong stock market is very dynamic, which represents a significant asset;
– Finally, Hong Kong’s foreign investment regimes are the most transparent and liberal in the world, and Hong Kong’s banks have become an important part of this unique environment;
In recent years, the financial sector in Hong Kong is booming and evolving. All of the above points legitimize this sector as a safe and stable source of income for many expatriates and locals.
A classic: the trade, logistics and export sector in Hong Kong
Being based in Hong Kong is a significant advantage and allows companies to operate in an established business environment while accessing one of the world’s largest economies.
Manufacturing regions in southern China are easily accessible from Hong Kong and for exporters it is an opportunity to directly target the more than 1.3 billion Chinese customers based across the border. The logistics sector, as well as export, is central to Hong Kong, with a port that handles 5% of the world’s market and a world-renowned air cargo hub.
Hong Kong is also a neighbor to China’s Pearl River Delta, which is the largest manufacturing region on the mainland. As for Hong Kong’s airport, it is a hub for the Asia-Pacific region, which makes it a hub for the export and logistics sectors. Finally, there are very few import or export restrictions.
All these factors show that trade is one of the main reasons for Hong Kong’s success since its creation and will continue to shine internationally thanks to the sustainability of this sector.
Major trends in Hong Kong: high-end, high-level services
Thanks to its status as an international hub, Hong Kong welcomes millions of consumer tourists every year. Coming mainly from China and the rest of the world, Hong Kong is considered one of the most visited cities in the world, bringing together East and West, modernism and tradition.
But why visit Hong Kong? Luxury shopping, culture, architecture and gastronomy are the main experiences sought and appreciated by tourists from all over the world. Buying and consuming duty-free goods is a privilege for the discerning consumer.
In addition, the lightness of entry formalities for visitors from China greatly benefits the tourism industry.
The services developed to attract and satisfy tourists, as well as the associated services, have thus experienced a flagrant boom and are in permanent development.
Hong Kong real estate and construction: a growth industry
With a fascinating history, Hong Kong has gone from a small fishing village to a global financial center in only 100 years. An extraordinary evolution that has inevitably had consequences on the level of urbanism. A population so dense that it was necessary to rebuild and develop an island quickly and massively.
The question of space is thus at the heart of the development issues of this special region. The population of almost 8 million inhabitants in 2022 is growing year after year. The sector is therefore in full growth, we find indeed an impressive number of architectural firms (very often French) solicited by builders and developers with colossal projects.
Thus, this sector is interesting for all the experts in the field of construction, the companies of sale of real estate as well as development, etc.
New sectors in full development
As far as the forecast for 2022 is concerned, the trade, hotel and restaurant sector is in the forefront.
Among the new emerging sectors that we start to observe in Hong Kong these last years, we find several fields linked in particular to the culture of expatriation. It should not be forgotten that Hong Kong has about 800 French companies with about 20,000 French residents.
Some sectors are booming, such as:
- The cultural and creative industry;
- Medical services
- Control and certification services;
- Industry and new technologies;
- Environmental industry.
Hong Kong is an attractive market for investors and entrepreneurs from all over the world with China and the Asia Pacific region on its doorstep.
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