Hong Kong remains one of world's most competitive economies: report

HONG KONG -- Hong Kong continues to be one of the most competitive economies in the world, ranking seventh globally, according to the World Competitiveness Yearbook (WCY) 2023 published by the Switzerland-based International Institute for Management Development (IMD).

Among the four competitiveness factors in WCY 2023, Hong Kong continues to rank second globally in terms of government efficiency, and its ranking in infrastructure also improved.

Hong Kong continues to top the ranking in business legislation, and is among the top five in tax policy, international investment, international trade, and technological infrastructure, according to the report.

Commenting on the rankings, a spokesperson for the Hong Kong Special Administrative Region (HKSAR) government said on Tuesday that the city's competitiveness is underpinned by the distinctive institutional strengths under "one country, two systems."

As Hong Kong resumes normalcy and restores full connectivity to the mainland and the rest of the world, its economy will improve notably this year, said the spokesperson.

"Hong Kong will leverage the staunch support of our motherland while staying connected to the world, and continue to serve our distinctive roles as a gateway, a springboard and an intermediary by virtue of our distinctive institutional and geographical advantages," the spokesperson said.