2007'02.11.Sun
China Poses the Greatest Impact on Business Owners Around the World
February 06, 2007
HONG KONG, Feb. 6 /Xinhua-PRNewswire/ -- According to
the findings published today from the Experian(R) Grant
Thornton International Business Report (IBR) 2007, economic
expansion in mainland China has had the greatest impact of
the four BRIC economies (Brazil, Russia, India and China),
on business owners around the globe with a positive
balance* of +12% (see Table 1), over the past two years.
Both Russia and India share second place in the survey at
+8%, followed by Brazil at +5%. The positive impact of
mainland China on business owners has doubled in the past
year, rising from +6% in last year's survey.
Table 1: Impact of the economic expansion in BRIC
economies on
business owners around the world over the
last two
years
Economies % balance*
Mainland China +12%
India +8%
Russia +8%
Brazil +5%
Source: Experian Grant Thornton International Business
Report (IBR) 2007
"Mainland China's economic size and rapidly
expanding share of world trade and investment gives it a
growing influence in regional and world economic affairs.
Its ability to produce goods at low cost has had major
consequences for international competition and trade,"
commented Dr Tapan Datta, Experian's global economist.
The economic boom in mainland China has significantly
increased business in recent years in the global economy,
but the biggest impact is in the Asia Pacific region.
Among all 32 surveyed countries/regions, Hong Kong, with a
balance of +69%, is the main beneficiary, followed by
Singapore (+35%) and the Philippines (+31%).
"It is interesting to note that the positive
effect of mainland China's economic boom is also growing
substantially for businesses in many other parts of the
world. When comparing the responses to the same question
asked in last years' survey, we notice that many more
businesses are catching up in capitalising on opportunities
in this fast emerging economy," said Desmond Yuen,
partner and head of China services at Grant Thornton.
Table 2: Impact of the economic expansion in mainland
China on
business owners around the world
-- responses in 2007 & 2006
Surveyed countries
/regions 2007 2006
Ranking# Balance* Ranking#
Balance*
Hong Kong 1 +69% 1
+53%
Singapore 2 +35% 5
+15%
Philippines 3 +31% 7
+13%
Germany 4 +29% 9
+12%
Taiwan 5 +24% 21
-4%
Malaysia 6 +23% 2
+22%
United States 7 +22% 3
+19%
Netherlands 8 +21% 7
+13%
Spain 9 +17% 23
-6%
Japan 10 +14% 21
-4%
Russia 12 +9% 19
-2%
United Kingdom 12 +9% 15
+1%
India 15 +7% 5
+15%
Canada 20 +3% 14
+7%
Australia 20 +3% 3
+19%
Brazil 27 -4% Not
Not
surveyed
surveyed
Poland 30 -8% 27
-9%
Turkey 31 -17% 28
-16%
Thailand 32 -39% 30
-39%
Global average -- +12% --
+6%
Source: Experian Grant Thornton International Business
Report (IBR) 2007 & 2006
The boom is, however, perceived to have had adverse
effects in several countries, notably Thailand, where a
negative balance of -39% of respondents say that they have
seen a significant decrease in business, followed by Turkey
(-17%) and Poland (-8%).
On the other hand, the economic expansion in the other
three BRIC economies, namely Brazil, Russia and India has
had a modest effect on businesses in mainland China. A
balance of +10% of Chinese businesses have increased
business as a result of the expansion in Russia, while +5%
and +7% have increased business due to the expansion in
Brazil and India respectively.
"Nonetheless, a large majority (71%) of mainland
Chinese businesses see globalisation as presenting an
opportunity for their company, in common with perceptions
of businesses in other countries in the region. This no
doubt reflects the huge export boost they have already
enjoyed and the further potential which globalisation
offers," explained Dr Tapan Datta.
In the survey, relatively few of the 32 economies
perceive finance as a major constraint on their ability to
grow. However, in three out of four BRIC countries,
businesses perceive access to finance as a major constraint
on their ability to grow (see Table 3). Mainland China cites
cost of finance, shortage of working capital and shortage of
long term finance as the major constraints on expansion,
which is well over the global average.
Table 3: Financial constraints on business expansion
Cost of Finance Shortage of
Shortage of
long term working
capital
finance
Brazil 36% 32%
34%
Mainland China 35% 41%
38%
India 23% 20%
23%
Russia 40% 42%
40%
Global average 23% 23%
21%
Source: Experian Grant Thornton International Business
Report (IBR) 2007
% of respondents rating the constraint 4 or 5 on a
scale of 1 to 5 where 1 is a minor constraint and 5 a major
constraint
"Mainland China's spectacular progress in the past
25 years has produced a new global economic superpower.
Strong growth in exports and investment inflows continue to
underpin robust output growth. Nevertheless, the key
constraint of accessibility of finance could be a hindrance
for expansion and development of many businesses in mainland
China and should not be overlooked," concluded Desmond
Yuen.
*The figure is the percentage balance of the
respondents who are positively impacted less those are
negatively impacted. The highest possible figure countries
are able to record is +100% and the lowest is -100%.
Notes to editors
About the Experian Grant Thornton International
Business Report (IBR)
Entering its 5th year, the Experian Grant Thornton
International Business Report (IBR) was carried out among
7,200 owners of medium to large privately held businesses
from 32 countries/territories during late 2006. Among them,
300, 250 and 150 medium to large privately held businesses
were surveyed in mainland China, Hong Kong and Taiwan
respectively. IBR began in 2002 and builds on the European
Business Survey (EBS) which Grant Thornton ran from 1993 to
2001. In 2007, the survey's name was changed from the
International Business Owners Survey (IBOS) to the
International Business Report (IBR). The research was
conducted by Experian Business Strategies Limited and
Harris Interactive. For more information, please visit
http://www.internationalbusinessreport.com
About Grant Thornton
Grant Thornton is one of the leading accounting, tax,
and business advisory firms dedicated to serving the needs
of entrepreneurial and owner managed companies. In Hong
Kong and mainland China, Grant Thornton has offices in Hong
Kong, Beijing, Shanghai, Guangzhou and Shenzhen, employing
in excess of 650 people. Grant Thornton in Hong Kong is a
member of Grant Thornton International - one of the world's
leading organisations of independently owned and managed
accounting and consulting firms providing assurance, tax
and specialist advice to independent businesses and their
owners. Firms operate in 110 countries in 520 offices with
more than 22,600 employees. For more information, please
visit http://www.gthk.com.hk
About Experian
Experian provides an unrivalled understanding of
consumers, markets and economies in the UK and around the
world, past, present and future. The business is a market
leader in consumer profiling and market segmentation,
economic forecasting and public policy research, supporting
businesses, policy makers and investors in making tactical
and strategic decisions. Experian's economic forecasting
arm, Business Strategies, has operations in sixteen
countries: UK, France, Netherlands, Spain, Norway, Sweden,
Finland and Hong Kong - China, Germany, Czech Republic,
Ireland, Greece, USA, Japan, Australia and New Zealand.
For more information about Experian go to
http://www.experian.com.hk/ebs/
For more information, please contact:
Grant Thornton
Desmond Yuen (Partner and head of China services)
Tel: +852-2218-3113
Fax: +852-2218-3613
Email: desmond.yuen@gthk.com.hk
Estella Tsui (Marketing manager)
Tel: +852-2218-3207
Fax: +852-2218-3707
Email: estella.tsui@gthk.com.hk
Experian
Dr Tapan Datta (Global economist)
Tel: +44-207-355-8234
Email: tapan.datta@uk.experian.com
Bruno Rost (PR manager)
Tel: +44-115-968-5009
Email: bruno.rost@uk.experian.com
SOURCE Grant Thornton
PR
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