AmCham HK’s 2026 Business Sentiment Survey Finds Improved Outlook for 2026 Amid Ongoing Global Uncertainty

FEBRUARY 2, 2026 – HONG KONG – The American Chamber of Commerce in Hong Kong (“AmCham”) released its 2026 Business Sentiment Survey Findings Report today.

The Survey, conducted between November 2025 and January 2026, is AmCham's annual exercise to gauge the views of senior corporate members on wide-ranging topics such as Hong Kong's business outlook, business environment, legal considerations, U.S.-China relations, human resources, the Greater Bay Area, and some technology-specific topics. Considering latest global developments, new survey questions have also been introduced this year on trade policies and Artificial Intelligence.

With external events accelerating over the past year, companies remain attentive to how these shifts influence their strategic outlook. While U.S.-China relations are still viewed as the foremost business challenge by 59% of respondents, anxieties have moderated compared with last year, when 70% identified it as their top issue. This year, 57% of respondents expect the bilateral relations to remain the same over the next 12 months, compared to 67% thinking that it will deteriorate in 2025. Additionally, 22% believe U.S.-China relations will improve, while 10% remain uncertain.

Following this top concern about the bilateral tensions, the slowing Chinese economy and overseas public perceptions of Hong Kong persist as the next two business worries, same as the previous two years.

Following a year of notable activity in global trade policy, this year’s data confirms that the current trade environment has had a tangible impact on corporate planning, with 82% of companies reporting that the trade climate has impacted their three-year plans, while 40% of firms have already implemented new business plans specifically due to global trade policy changes. 32% also feel that tariffs imposition is one of the key issues for their companies.

Despite continuing global uncertainty, this year’s findings show increased confidence in Hong Kong’s business environment for 2026. Over 50% of respondents expressed optimism regarding the business outlook for the next 12 months, an increase from the 33% recorded last year. This sentiment is consistent with respondents’ evaluations of the past year, which showed a decrease in negative assessments of Hong Kong’s business environment to 27%, compared with 42% previously.

Domestically, confidence in Hong Kong’s rule of law has increased to 94%, continuing an upward trend from 83% in 2025. Regarding the National Security Law, 74% of respondents reported that their operations had not been negatively impacted. However, some businesses noted that indirect effects, such as overseas perceptions, remain a relevant concern.

The confidence in Hong Kong’s fundamental strengths as a competitive international business hub in Asia (86%) has fostered stable investment strategies. For the next two years, 57% of firms plan to maintain their current investment levels, while 33% intend to expand operations. Notably, the city retains its status as a corporate home, as 92% of multinational corporations indicated they have no plans to relocate their headquarters away from Hong Kong in the next three years.

Other key findings include:

• Government Policy: U.S. government policies (41%) continue to be the primary external factor influencing business operations in Hong Kong, outpacing the impact of policies from the Chinese Central Government (34%) and the HKSAR Government (33%).
• Artificial Intelligence: 91% of companies view the integration of Artificial Intelligence as essential to their operations, predominantly focusing on information-centric functions such as data analysis and customer service.
• Data & Cybersecurity: Optimism regarding Hong Kong’s future as a regional data center has surged to 47%, a sound recovery from 28% in 2025. On the other hand, companies are grappling with evolving threats. 52% of respondents report that the cyber threat landscape is outpacing their security measures, with third-party risks and data privacy concerns also ranking as top priorities.
• Human Resources: The talent market has stabilized, yet rising salary expenses (57%) and a diminishing talent pool remain top worries for businesses. Additionally, the high cost of living (71%) continues to be the primary deterrent for recruiting foreign talent.
• GBA Dynamics: Business activity in the GBA has reached a new peak, with 67% of firms now operating in the region. However, the competitive landscape has shifted; "local competition" (54%) in the mainland has risen to become a top barrier equal to "policy and regulatory uncertainty" (54%), indicating a market that is becoming as commercially demanding as it is rigorously regulated.

The survey was sent to the top representatives of over 450 corporate members with a response rate of 25%. The report serves as a useful reference for companies and executives to navigate through the changing business landscape regionally and globally.

View the full report HERE.

For media enquiries, please contact: 

Ms. Carman Ngai

Manager, Corporate Affairs

E-mail: cngai@amcham.org.hk