|By ACN Newswire||
|December 7, 2012 05:17 AM EST||
Hong Kong, Dec 7, 2012 - (ACN Newswire) - Hong Kong exporters face a number of challenges in the coming year, including the possibility of a renewed downturn in the global economy, increased protectionism, and escalating geopolitical tensions, notably with respect to the territorial flare-up between the Chinese mainland and Japan. The Hong Kong Trade Development Council (HKTDC) expects that Hong Kong exports in 2013 will grow by four per cent in value and just one per cent in volume.
Speaking today at a press conference, HKTDC Director of Research Edward Leung said that global trade is expected to improve only marginally in 2013. He noted that the HKTDC Export Index had dropped for the second consecutive quarter, to 31.6 in the fourth quarter. The HKTDC Export Index is designed to monitor the export performance of Hong Kong traders and gauge their near-term prospects. A reading below 50 indicates a pessimistic sentiment during the quarter and signals a contraction in Hong Kong exports over the short term.
"All major industries recorded readings below the watershed of 50, though the sentiment for timepieces and machinery exporters improved," Mr Leung said. "Exporters remained pessimistic towards all major markets. The index for the mainland edged down slightly, to about 45, while the index for the US increased slightly, to 40.8."
With production costs on the mainland, particularly labour costs, likely to stay high, the confidence level of Hong Kong exporters remains low. The biggest threat to Hong Kong's export outlook, however, is a renewed downturn of the global economy caused by the European Union's debt crisis. Mr Leung said that any major shock in the Eurozone could have profound effects on the global economic and trade environment.
Mr Leung cautioned that the world economy will grow slowly next year, probably at a rate slightly higher than that of this year. "Developed economies will see growth in a slower lane, inevitably putting a drag on emerging economies. Yet emerging economies will continue to fare relatively better," he added.
The mainland will continue to be the bright spot in the global economy, according to Mr Leung. "The Chinese economy is bottoming out, and there are some short-term measures to stimulate private consumption. In the longer run, income re-distribution measures will also help to raise consumption on the mainland."
He noted that abundant business opportunities existed in developing Asia, especially India and Indonesia. "These markets are large in size, strong in growth and making headway in reforms and liberalisation," he said.
Despite political unrest in the Middle East, business in Dubai has not been adversely affected. "Money from neighbouring countries continues to flow into Dubai, which plays an important hub role for capital and trade flows," said Mr Leung. As for Africa, countries like Nigeria, Ghana and Kenya offer long-term potential for Hong Kong business, he added.
Still, the best prospects remain in Asia, according to Mr Leung. "Our manufacturers and traders should look to developing sales on the mainland," he said. "Beyond the Chinese mainland, we should diversify to other new markets. We cannot ignore the long-term potential offered in the new markets of Africa."
"More capable manufacturers and traders should commit additional resources to developing brands, either by organic growth or acquisitions," he added. "Others should place more emphasis on design and maintain consistent good quality. To lower production costs, they can look to automation or even relocation, not just within the mainland but also to Myanmar and other Asian countries."
The press conference also included video interviews with two high-profile economists. Professor Justin Lin, the former World Bank Chief Economist, said that the mainland has the potential to grow eight per cent annually over the next 20 years.
Professor Francis Lui, Head of Economics at the Hong Kong University of Science and Technology, added that the rising economic power of Guangdong Province could help both Hong Kong and Guangdong better understand their competitive advantages.
The webcast interviews with Professor Lin and Professor Lui are available at http://www.hktdc.com/info/webcast/v/en/en/1X04BKFX/ and http://www.hktdc.com/info/webcast/v/en/en/1X04BKGW/
The multimedia intelligence service HKTDC Research ( www.hktdc.com/Research ) was also launched at the press conference.
"Mobile devices have changed the way people, and companies, access information," said Mr Leung. "To better serve Hong Kong SMEs, the HKTDC is also adapting to this trend through its new multimedia research portal."
The site contains more than 50,000 articles, categorised into seven areas: Economists' Picks, China Trade, Hong Kong Economy, Developed Markets, Emerging Markets, Products and Services. "Unlike our print reports, the new online content features shorter articles, allowing users to download individual chapters or sections. More multimedia content has been incorporated to enhance interactivity," Mr Leung added.
A statutory body established in 1966, the Hong Kong Trade Development Council (HKTDC) is the international marketing arm for Hong Kong-based traders, manufacturers and service providers. With more than 40 global offices, including 11 on the Chinese mainland, the HKTDC promotes Hong Kong as a platform for doing business with China and throughout Asia. The HKTDC also organises trade fairs and business missions to connect companies with opportunities in Hong Kong and on the mainland, while providing information via trade publications, research reports and online. For more information, please visit: www.hktdc.com . Follow us on Twitter @HKTDC.
HKTDC Corporate Communication Department Joe Kainz Tel: +852 2584 4216 Email: [email protected]
Copyright 2012 ACN Newswire. All rights reserved.
U.S. companies are desperately trying to recruit and hire skilled software engineers and developers, but there is simply not enough quality talent to go around. Tiempo Development is a nearshore software development company. Our headquarters are in AZ, but we are a pioneer and leader in outsourcing to Mexico, based on our three software development centers there. We have a proven process and we are experts at providing our customers with powerful solutions. We transform ideas into reality.
Sep. 1, 2015 08:45 AM EDT Reads: 547
The web app is agile. The REST API is agile. The testing and planning are agile. But alas, data infrastructures certainly are not. Once an application matures, changing the shape or indexing scheme of data often forces at best a top down planning exercise and at worst includes schema changes that force downtime. The time has come for a new approach that fundamentally advances the agility of distributed data infrastructures. Come learn about a new solution to the problems faced by software organ...
Sep. 1, 2015 08:30 AM EDT
SYS-CON Events announced today the Containers & Microservices Bootcamp, being held November 3-4, 2015, in conjunction with 17th Cloud Expo, @ThingsExpo, and @DevOpsSummit at the Santa Clara Convention Center in Santa Clara, CA. This is your chance to get started with the latest technology in the industry. Combined with real-world scenarios and use cases, the Containers and Microservices Bootcamp, led by Janakiram MSV, a Microsoft Regional Director, will include presentations as well as hands-on...
Sep. 1, 2015 08:15 AM EDT Reads: 353
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
Sep. 1, 2015 08:00 AM EDT Reads: 145
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
Sep. 1, 2015 08:00 AM EDT Reads: 166
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
Sep. 1, 2015 08:00 AM EDT
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Sep. 1, 2015 03:00 AM EDT Reads: 462
Skeuomorphism usually means retaining existing design cues in something new that doesn’t actually need them. However, the concept of skeuomorphism can be thought of as relating more broadly to applying existing patterns to new technologies that, in fact, cry out for new approaches. In his session at DevOps Summit, Gordon Haff, Senior Cloud Strategy Marketing and Evangelism Manager at Red Hat, discussed why containers should be paired with new architectural practices such as microservices rathe...
Sep. 1, 2015 01:00 AM EDT Reads: 409
SYS-CON Events announced today that G2G3 will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based on a collective appreciation for user experience, design, and technology, G2G3 is uniquely qualified and motivated to redefine how organizations and people engage in an increasingly digital world.
Aug. 31, 2015 11:00 PM EDT Reads: 502
Any Ops team trying to support a company in today’s cloud-connected world knows that a new way of thinking is required – one just as dramatic than the shift from Ops to DevOps. The diversity of modern operations requires teams to focus their impact on breadth vs. depth. In his session at DevOps Summit, Adam Serediuk, Director of Operations at xMatters, Inc., will discuss the strategic requirements of evolving from Ops to DevOps, and why modern Operations has begun leveraging the “NoOps” approa...
Aug. 31, 2015 10:30 PM EDT Reads: 404
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Aug. 31, 2015 09:00 PM EDT Reads: 372
Organizations from small to large are increasingly adopting cloud solutions to deliver essential business services at a much lower cost. According to cyber security experts, the frequency and severity of cyber-attacks are on the rise, causing alarm to businesses and customers across a variety of industries. To defend against exploits like these, a company must adopt a comprehensive security defense strategy that is designed for their business. In 2015, organizations such as United Airlines, Sony...
Aug. 31, 2015 07:15 PM EDT Reads: 486
The Internet of Things is in the early stages of mainstream deployment but it promises to unlock value and rapidly transform how organizations manage, operationalize, and monetize their assets. IoT is a complex structure of hardware, sensors, applications, analytics and devices that need to be able to communicate geographically and across all functions. Once the data is collected from numerous endpoints, the challenge then becomes converting it into actionable insight.
Aug. 31, 2015 07:00 PM EDT
Puppet Labs has announced the next major update to its flagship product: Puppet Enterprise 2015.2. This release includes new features providing DevOps teams with clarity, simplicity and additional management capabilities, including an all-new user interface, an interactive graph for visualizing infrastructure code, a new unified agent and broader infrastructure support.
Aug. 31, 2015 06:30 PM EDT Reads: 523
Consumer IoT applications provide data about the user that just doesn’t exist in traditional PC or mobile web applications. This rich data, or “context,” enables the highly personalized consumer experiences that characterize many consumer IoT apps. This same data is also providing brands with unprecedented insight into how their connected products are being used, while, at the same time, powering highly targeted engagement and marketing opportunities. In his session at @ThingsExpo, Nathan Trel...
Aug. 31, 2015 06:00 PM EDT Reads: 245