Hong Kong has ascended two places to rank fifth in the 2024 World Competitiveness Ranking released by the International Institute for Management Development (IMD), a Swiss-based business school. The announcement was made by the Hong Kong Special Administrative Region (HKSAR) government on Tuesday, highlighting the city’s ongoing economic recovery and strategic initiatives.
The IMD’s annual ranking evaluates the prosperity and competitiveness of 64 economies based on four key factors: economic performance, government efficiency, business efficiency, and infrastructure. Hong Kong made significant strides in these areas, with “business efficiency” and “infrastructure” both rising to the top 10 globally. The city also secured third place in “government efficiency,” reflecting its robust administrative capabilities.
Underlining its strengths, Hong Kong topped the world in sub-factors such as “international trade” and “business legislation.” It also ranked among the top five globally in categories including “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. “We have launched an array of measures to bolster market confidence, tourism, and consumption to consolidate the momentum of economic recovery.”
William Milner, associate director of the IMD World Competitiveness Center, emphasized the importance of strategic focus for Hong Kong. “To maintain Hong Kong’s competitiveness, the government must prioritize navigating the complicated external situation amid persisting geopolitical tensions and evolving international trade patterns,” he told CGTN. “Capitalizing on opportunities brought about by the Chinese mainland’s pursuit of high-quality development, advancing innovation and technology development, and promoting green transformation are key.”
Looking ahead, the HKSAR government is committed to enhancing the city’s role as a “super-connector” and a “super value-adder” in the global economy. By attracting enterprises, capital, and talent from around the world, and nurturing new productive forces, Hong Kong aims to cultivate new growth areas and further enhance its competitiveness.
Reference(s):
cgtn.com
