June 22, 2023
HONG KONG – Hong Kong has placed seventh in a renowned annual world report ranking the competitiveness of global economies.
According to the World Competitiveness Yearbook 2023 published by the International Institute for Management Development, Hong Kong continued to rank second globally in “government efficiency” while its ranking in “infrastructure” also improved, the Hong Kong Special Administrative Region government said in a statement on Tuesday.
“The IMD’s WCY 2023 recognized that Hong Kong continued to be one of the most competitive economies in the world. Hong Kong’s competitiveness is underpinned by our distinctive institutional strengths under ‘one country, two systems’,” said an HKSAR government spokesperson.
“As Hong Kong resumes normalcy and restores full connectivity to the mainland and the rest of the world, Hong Kong’s economy will improve notably this year.”
As to the sub-factors, Hong Kong continued to top the ranking in “business legislation”, and was amongst the top-five in “tax policy”, “international investment”, “international trade” and “technological infrastructure”
Due to the pandemic upsurge last year, the city’s ranking in “business efficiency” fell slightly and its ranking in “economic performance” also dropped as the Hong Kong economy weakened notably and recorded negative growth in 2022.
As to the sub-factors, Hong Kong continued to top the ranking in “business legislation”, and was amongst the top-five in “tax policy”, “international investment”, “international trade” and “technological infrastructure”.
“While Hong Kong’s overall competitiveness ranking remained at the forefront in WCY 2023, and our slight fall in ranking was mainly dragged down by the epidemic upsurge and weak economy last year, we should stay vigilant of the increasingly intense competition among economies and respond proactively, striving to further enhance Hong Kong’s competitiveness,” the spokesperson said.
Aside from upholding the city’s institutional strengths and competitive advantages, the HKSAR government has implemented strategies to “compete for talents and enterprises” to attract strategic enterprises as well as talents and capital from around the world, stepped up investment in infrastructure as well as innovation and technology, and continued to increase land and housing supply.
“Moving forward, Hong Kong will continue to benefit from the sustained eastward shift of global economic gravity. Under ‘one country, two systems’, Hong Kong will leverage the staunch support of our motherland while staying connected to the world,” the spokesperson said.
“We will actively align with national development strategies, seize the opportunities arising from the National 14th Five-Year Plan, the Greater Bay Area development and the Belt and Road Initiative, so as to pursue economic development and enhance people’s quality of life.”