HONG KONG (China Daily/Asia News Network): Hong Kong rose two places to No. 5 in an annual ranking of the most competitive world economies.
According to the latest World Competitiveness Yearbook (WCY) 2022, published by the International Institute for Management Development, Hong Kong’s ranking improved from seventh last year among 63 economies. Denmark was ranked top, followed by Switzerland, Singapore and Sweden.
Among the four competitiveness factors in WCY 2022, Hong Kong placed second in government efficiency and seventh in business efficiency.
The global financial hub’s rankings in economic performance and infrastructure also improved. In the sub-factors, the city continued to top the ranking in business legislation, and was among the top three in public finance (2nd), tax policy (2nd) and international investment (3rd).
A government spokesperson said in a statement that Hong Kong’s competitiveness is underpinned by institutional strengths under the “one country, two systems” principle, including the rule of law and judicial independence, free flow of capital, and a free trade and investment regime.
“We will step up investment in infrastructure, innovation and technology, nurturing talents and increasing land supply..to provide a favorable environment for Hong Kong’s long-term economic development," the spokesperson said.
The IMD’s rankings, which started in 1989, assess 63 economies on hundreds of indicators, including employment, cost of living, government spending, and soft data from surveys of international business executives on topics such as political stability and protection of intellectual property rights.