Hong Kong's competitiveness ranking drops to seventh

Political situation

Author: Zheng Baosheng

2021-06-17 21:13

Last update date: 2021-06-17 21:13

The International Management Development Institute today (17th) published the "2021 World Competitiveness Annual Report". Hong Kong's ranking dropped from fifth last year to seventh this year, while Singapore ranked fifth.

Decline in economic performance, business efficiency, and infrastructure rankings

In response to the "Annual Report", the Hong Kong Government stated that among the four competitiveness factors, Hong Kong remained at the top of the list in "Government Efficiency", but ranked higher in "Economic Performance", "Business Efficiency" and "Infrastructure". One report is slightly lower.

In terms of sub-factors, Hong Kong continues to rank first in the world in "business regulations", and it ranks among the top three in the world in "international trade", "tax policy", "finance" and "management methods".

In the "2021 World Competitiveness Annual Report", the rankings of Hong Kong's "economic performance", "business efficiency" and "infrastructure" all fell.

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A government spokesman said: "The 2021 Annual Report released by the International Management Development Institute continues to affirm our advantages in many aspects. As a small and open economy, Hong Kong has faced unprecedented challenges in the past few years, but We are confident that Hong Kong’s institutional advantages, including the rule of law and judicial independence, a free trade and investment system, a simple and low tax system, a good business environment, and an efficient government, have not been affected."

The spokesperson added that while consolidating its own institutional advantages, the SAR government will strive to enhance Hong Kong’s status as an international financial, shipping, and trade center, and develop Hong Kong into an international innovation and technology center, an international aviation hub, and a green city. He also said that the government will strengthen Investment in infrastructure and innovation and technology.

As for foreign economic and trade exchanges, the spokesperson said that Hong Kong will continue to play its unique role as a gateway, springboard and intermediary, and actively integrate into the country’s new development situation, and grasp the country’s "14th Five-Year Plan" and major development strategies, including the Guangdong-Hong Kong-Macao Greater Bay Districts and the "One Belt One Road" initiative.

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