(Hong Kong) – Better Hong Kong Foundation’s annual business confidence survey has showed more international companies preferring to invest in Shanghai and Beijing than in Hong Kong.Reportedly 62 percent of companies are pessimistic about Hong Kong’s business outlook in 2002, based on 1,750 companies in Hong Kong being covered by the survey. Interestingly, poor English language skills and the perennial “high operating costs” are the two key reasons noted by companies, with 65 percent finding the cost of doing business in Hong Kong uncompetitive.
Unsurprisingly, over 75 percent of respondents are unhappy with the quality of English language skills in the Territory, causing 59 percent of respondents naming Shanghai as their favourite investment site and 44 percent citing Beijing.