HK RANKS 5TH IN COMPETITIVENESS

Hong Kong was ranked the fifth most competitive economy by the International Institute for Management Development in its World Competitiveness Yearbook 2024, up two places from last year.

Among the four competitiveness factors, Hong Kong's rankings in business efficiency and infrastructure rose notably and came within the top 10 globally.

The city’s ranking in government efficiency also stayed high among the top three, while its ranking in economic performance saw significant improvement, reflecting the economic recovery in 2023.

As regards the sub-factors, Hong Kong topped the rankings in international trade and business legislation, and was among the global top five in tax policy, international investment, basic infrastructure, finance and education.

The Hong Kong Special Administrative Region Government pointed out that the yearbook continues to recognise Hong Kong as one of the most competitive economies in the world, having taken into account a host of factors including objective data and business opinions.

With staunch support from the central government, Hong Kong’s economy has continued to recover after the epidemic, it added.

The Hong Kong SAR Government emphasised that it has launched an array of measures to bolster market confidence and organised mega events to bolster tourism and consumption, with a view to consolidating the momentum of economic recovery.

At the same time, it is vigorously attracting enterprises, capital and talent from around the world to come to Hong Kong, proactively driving the development of areas including financial services, innovation and technology, and trading where Hong Kong enjoys an edge.

Additionally, the Hong Kong SAR Government highlighted that it is embracing green transformation and digital economy development, so as to expedite the formation of new quality productive forces and spearhead the high-quality development of the city’s economy in the medium to long run.

The Hong Kong SAR Government also mentioned that, under “one country, two systems”, Hong Kong enjoys the strong support of the motherland while being closely connected to the world, and is the only city that combines Chinese advantages and international advantages. 

Furthermore, it noted that the city will continue to perform its roles and functions as a super-connector and a super value-adder, and proactively integrate into the overall national development and align with national development strategies.

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