Hong Kong has surged two spots to secure the fifth position in the latest World Competitiveness Ranking 2024 released by the International Institute for Management Development (IMD). This achievement highlights Hong Kong's robust economic recovery and its sustained excellence in key competitiveness factors.
The HKSAR government announced that Hong Kong excelled in both business efficiency and infrastructure, ranking within the top 10 globally. Additionally, the city achieved the third spot in government efficiency, reflecting effective public administration and policy implementation.
Under the economic performance metric, Hong Kong showed remarkable improvement, signaling a strong rebound in 2023. The city topped the global charts in international trade and business legislation, and ranked among the top five in tax policy, international investment, basic infrastructure, finance, and education.
A spokesperson for the HKSAR government stated, \"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.\" To maintain this momentum, the government is implementing measures to boost market confidence, tourism, and consumption, while attracting global enterprises, capital, and talent.
William Milner, Associate Director of the IMD World Competitiveness Center, emphasized the importance of navigating geopolitical tensions and leveraging opportunities from the Chinese mainland's pursuit of high-quality development. He highlighted the need for advancing innovation, technology development, and promoting green transformation to sustain Hong Kong's competitive edge.
Looking ahead, Hong Kong aims to cultivate new growth areas and enhance its role as a \"super-connector\" and a \"super value-adder\" in the global economy, ensuring continued competitiveness and economic resilience.
Reference(s):
cgtn.com
