Report deems Hong Kong world's 5th most competitive economy

Hong Kong climbed two places to rank fifth in the latest World Competitiveness Ranking for 2024 by the International Institute for Management Development (IMD), a business school headquartered in Switzerland, said the Hong Kong Special Administrative Region (HKSAR) government on Tuesday.

In a breakdown of four competitiveness factors put forth by the report, Hong Kong's rankings in "business efficiency" and "infrastructure" both rose to the top 10 globally. The city ranked third among the countries and regions IMD tracked in terms of "government efficiency", while its place under the "economic performance" metric saw significant improvement, reflecting its economic recovery in 2023.

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

"Having taken into account a host of factors including objective data and business opinions, the report recognized Hong Kong as one of the most competitive economies in the world," said a spokesperson for the HKSAR government.

The HKSAR government has launched an array of measures to bolster market confidence, tourism and consumption to consolidate the momentum of economic recovery. The city is also advancing high-quality economic development by attracting enterprises, capital and talent from around the world as well as nurturing new quality productive forces, the spokesperson said.

William Milner, associate director of the IMD World Competitiveness Center, told CGTN that to maintain Hong Kong's competitiveness, the government must prioritize navigating the complicated external situation amid persisting geopolitical tensions and evolving international trade patterns, capitalizing on opportunities brought about by the Chinese mainland's pursuit of high-quality development, advancing innovation and technology development, and promoting green transformation.

Looking forward, Hong Kong will continue to cultivate new growth areas and enhance competitiveness while acting as a "super-connector" and a "super value-adder", the spokesperson added.

(Xinhua with edits; Cover via CPF)