HSBC Survey Shows that China Has Become the Largest Overseas Market for Asia-Pacific Companies
In a survey of more than 10,000 companies across 39 markets in the Asia-Pacific region conducted by HSBC between September and October, 29% of companies said China was their largest trading partner, followed by the US at 28%. The survey pointed out that China has surpassed the United States to become the largest overseas market for Asia-Pacific companies. Despite the impact of the pandemic, the overall trade prospects of the Asia-Pacific region remain good, with 72% of surveyed companies having positive views on the coming years, down less than 10% from 81% a year ago, the survey showed. Natalie Blyth, head of Global Trade Finance at HSBC, believes that in the context of trade protectionism in the United States and the pandemic, there has been a regional shift of trade "from west to east", and trade within the Asia-Pacific region continues to grow. Especially after 15 Asia-Pacific countries signed the RCEP, the trend of shift and growth is expected to continue. Following the successful signing of the RCEP, Chinese President Xi Jinping said China will also actively consider joining the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP). External analysts believe this will further consolidate China's trade influence in the Asia-Pacific region and the world.