Standard Chartered, the UK based multinational banking and financial service provider revealed in its latest announcement that it has partnered with Hong Kong Trade Development centre to launch “Standard Chartered GBA Business Confidence Index”. This index is the 1st ever forward looking quarterly survey index in market which helps gain a better clarity on business sentiment and synergistic efforts across cities and industries in the Guandong-Hong Kong Macao Greater Bay area. This index will serve as one of the key indicators for any and all market participants in the region helping them gain valuable business intelligence to help grow their businesses. The index will be released once every quarter and is calculated by analysing responses from more than 1000 firms which based in GBA area with each firms providing wide range of details on various aspects of their business activities such as overall operations, business environment and expansion plan.
The index also comes along with five sub-indices each of which serve as an indicator of business confidence on five major sectors among which modern business world are divided namely manufacturing & trading, retail & wholesale, financial services, professional services and innovation & technology. Such precise industry wide data and overall market outlook gained from these five sub-indices and main indices will help businesses based in the region gain a better understanding of current business climate allowing them to improve the accuracy of their future performance prospects and design market strategies accordingly. Standard Chartered has been committed to promoting the local economic development keeping it as one of key strategic priorities on business activities in this region. In particular, the firm used its global footprint and business expertise to create venues such as Belt and Road, RMB internationalisation, trade finance, bond market, digital innovation, wealth management and sustainable finance to meet financial needs of developing businesses in the region.
Commenting on this move, Margaret Fong – Executive Director at HKTDC said “We are delighted to collaborate with the Standard Chartered again. By launching the first GBA Business Confidence Index in the market, we can assist businesses to formulate timely development plans and capture new opportunities. The HKTDC has signed agreements with the other 10 Greater Bay Area cities to facilitate companies in the region to expand their businesses through Hong Kong’s two-way platform, strengthening the city’s position as the region’s global investment and business hub. Going forward, we will help businesses tap into Greater Bay Area markets by providing them with intelligence, promotion and business matching opportunities through our exhibitions, conferences, missions and more”.
Speaking on same note, Marry Huen – CEO of Standard Chartered Hong Kong division added “We are very pleased to join forces with the HKTDC to introduce the first GBA business confidence index in the market. We believe that the survey will help the public and companies in the region make appropriate strategic decision with economic insight in today’s ever-changing market environment. The Greater Bay Area is one of the biggest growth drivers of the Chinese economy and plays a significant role in the opening of China and gives companies in the region full play to the composite advantages of Guangdong, Hong Kong and Macao. It will also help promote coordinated regional economic development and inject new impetus into the diversified development of Hong Kong economy. Standard Chartered will endeavour to expand our business in the region and would like to leverage its talents and technology in finance to develop our innovative financial products and services”.
