Hong Kong returns to top five in World Competitiveness Yearbook 2024

In the latest World Competitiveness Yearbook (WCY) 2024, published by the International Institute for Management Development (IMD), Hong Kong's ranking has improved by two places, making it to fifth.

Among the four competitiveness factors in the WCY 2024, Hong Kong's rankings in "business efficiency" and "infrastructure" rose notably and came within the top 10 globally.

While its ranking in "government efficiency" remained high among the top three,.

Hong Kong's ranking in "economic performance" also saw significant improvement, reflecting the economic recovery in 2023.

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

A government spokesperson said today that the IMD's WCY 2024 continued to recognize Hong Kong as one of the most competitive economies in the world.

The spokesman stated that, with staunch support from the Central Government, the Hong Kong economy has continued to recover after the epidemic. Hong Kong has also launched an array of measures to bolster market confidence and has organized mega events to bolster tourism and consumption, with a view to consolidating the momentum of economic recovery.

At the same time, Hong Kong is vigorously attracting enterprises, capital and talent from around the world to come to Hong Kong, proactively driving the development of areas including financial services, innovation and technology, etc., so as to expedite the formation of new productive forces and spearhead the high-quality development of the economy in the long run.

The spokesperson pointed out that under the 'one country, two systems', Hong Kong enjoys the strong support of the motherland while being closely connected to the world, and is the only city that combines Chinese advantages with international advantages.  

The spokesman said Hong Kong will continue to fulfill its roles and functions as a 'super-connector' and a 'super value-adder', proactively integrating into the overall national development, and align with national development strategies.