Hong Kong's Trade Confidence Plunges

The optimism among Hong Kong's local companies has plunged to near record lows as fears of another financial crisis looms.


According to a HSBC survey of exporters, importers and traders in 20 markets in July, the confidence of Hong Kong firms was at 95. A number above 100 indicates optimism.


Hong Kong business executives were the most pessimistic of the eight Asia-Pacific markets surveyed, with mainland China, Australia, Singapore, Vietnam, India, Indonesia and Malaysia recording readings above 100.


HSBC also forecast China trade will account for 13 percent of the world's total by 2025 against 9.9 percent in 2010. The market share of the U.S. will be 9.1 percent by that year.





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