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Business

Greater Bay Area: businesses upbeat on tech investment despite China crackdown, survey shows

  • About 89 per cent of them plan spend more on technology, fintech or data-sensitive industry over the next 12 months: CPA Australia survey
  • Assessment based on a survey of 258 respondents from May to July when regulatory crackdown in China intensified

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Businesses in the Greater Bay Area are looking forward to invest or embrace more technology in their operations despite recent concerns on industry crackdown in China. Photo: Handout
Enoch Yiu
Businesses in Hong Kong and their counterparts in the Greater Bay Area intend to boost investments and embrace more technology in their operations despite ongoing regulatory crackdown in the industry, according to a survey.
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About nine in 10 respondents, or 89 per cent, said they would spend more money on technology, fintech or data-sensitive industry over the next 12 months, CPA Australia said in a survey published on Thursday.

The accounting body collected responses from 258 participants from various industries in Hong Kong, Macau, and nine mainland cities in the southern Guangdong province, which together make up the Bay Area economic development zone.

The survey was conducted from May to July, during which Beijing widened its regulatory crackdowns from antitrust measures against internet-platform operators to shutting down for-profit after-school tutoring and scrutinising data security, among others. The actions triggered a trillion-dollar sell-off in Chinese tech stocks globally in July.
Eden Wong, deputy president of Greater China division. Photo: CPA Australia website
Eden Wong, deputy president of Greater China division. Photo: CPA Australia website
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“This implies the regulatory measures in the sector have not affected their intention to keep abreast with technology trends and demands in the Bay Area,” said Eden Wong, deputy president of Greater China division at CPA Australia. “Proper regulation would help the sector develop and grow in a healthier manner over the long term.”

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