Business sector negative on economy, protectionism stifles global trade
Real-time polling conducted through HKTDC mobile apps at various sessions during the AFF enhanced interactivity and gauged the views of participants on a broad range of subjects. When asked about the outlook for the global economy in 2020, 22% of respondents were optimistic, 38% were neutral, while 40% of respondents expressed pessimism, reflecting a generally negative view on the overall economic outlook. When asked about the major challenge for global growth in 2020, 38% of respondents believed it would be Sino-US trade tensions, followed by intensifying geopolitical risks (36%) and limited headroom for monetary and fiscal policies to support growth (19%).
Regarding the outlook for global trade in 2020, a total of 53% of respondents expressed optimism and neutrality, while for the key driver for the growth of global trade in 2020, most respondents (50%) thought it would be an effective multilateral system.
AI to bring biggest breakthroughs in development of financial services
In response to the AFF's theme this year, "Redefining Growth: Innovation, Breakthrough, Inclusiveness", the poll asked participants how likely it was that innovative solutions, such as the development of fintech and sustainable finance, would help address structural issues and bolster global growth. A total of 61% respondents felt it was very likely and likely, while 31% of respondents believed artificial intelligence (AI) would lead to the greatest breakthroughs in the development of financial services, followed by big data analytics (21%), blockchain (17%) and the rise of virtual banks and virtual insurers (15%).
Financial inclusion promotes reform in developing countries
Prof
This year's AFF also examined environmental, social and governance (ESG) issues for businesses. Most survey respondents (38%) expected climate change and carbon-related issues would be the most prominent ESG issues, followed by environmental regulations (27%) and changing consumer preferences towards more responsible products and services (19%).
Around 700 meetings organised through AFF Deal Flow Matchmaking session
This year's forum once again featured the AFF Deal Flow Matchmaking session to provide one-to-one deal-sourcing and matchmaking meetings for project owners and investors. Investors taking part in the session included
Launched last year, the Fintech Showcase returned in 2020, together with the inaugural
Overview of 2020
1. Global economic outlook in 2020: Polling result
- Optimistic 22%
- Neutral 38%
- Pessimistic 40%
2. Major challenge for global growth in 2020: Polling result
- Limited headroom for monetary and fiscal policies to support growth 19%
- China-US tensions on trade, technology and cross-border investment 38%
- Intensifying geopolitical risks 36%
- Elevated corporate debt restraining business spending 6%
3. Outlook for global trade in 2020: Polling result
- Optimistic 25%
- Neutral 28%
- Pessimistic 47%
4. Key driver for the growth of global trade in 2020: Polling result
- Fair and appropriate treatment of capital for trade 18%
- Digitalisation of trade 26%
- An effective multilateral system 50%
- Commercialisation of blockchain 6%
5. How likely would innovative solutions help address structural issues and bolster global growth?: Polling result
- Very unlikely 8%
- Unlikely 28%
- Likely 40%
- Very likely 21%
- Don't know 2%
6. ESG issues for businesses in 2020: Polling result
- Environmental regulations 27%
- Climate change and carbon-related issues 38%
- Changing consumer preferences towards more responsible products and services 19%
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- Gender equality in the workforce 3%
- Product Safety 3%
- Corruption 6%
Websites
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- International Financial Week Website: http://www.internationalfinancialweek.com
- Photo download: https://bit.ly/2TwHgeK
About HKTDC
The
Contact:
Christine Kam , Tel: +852 2584 4514, Email: christine.kam@hktdc.orgSam Ho , Tel: +852 2584 4569, Email: sam.sy.ho@hktdc.orgClayton Lauw , Tel: +852 2584 4116, Email: clayton.y.lauw@hktdc.org
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