Hong Kong has ranked seventh in an annual report determining the competitiveness of global economies.

The World Competitiveness Yearbook (WCY) 2023, compiled by the International Institute for Management Development (IMD) shows Hong Kong was still in second place in terms of “government efficiency”, and there was an improvement in the “infrastructure” ranking, according to a government statement.

“The IMD’s WCY 2023 recognized that Hong Kong continued to be one of the most competitive economies in the world. Hong Kong’s competitiveness is underpinned by our distinctive institutional strengths under ‘one country, two systems’,” said a Hong Kong Special Administrative Region government spokesperson.

“As Hong Kong resumes normalcy and restores full connectivity to the mainland and the rest of the world, Hong Kong’s economy will improve notably this year.”

Due to the impact of the pandemic, Hong Kong’s “business efficiency” ranking marginally declined along with its “economic performance” in 2022.

However, in regard to the sub-factors, Hong Kong was in a pole position in “business legislation” and within the top five in “tax policy”, “international investment”, “international trade”, and “technological infrastructure.”

“While Hong Kong’s overall competitiveness ranking remained at the forefront in WCY 2023, and our slight fall in the ranking was mainly dragged down by the epidemic upsurge and weak economy last year, we should stay vigilant of the increasingly intense competition among economies and respond proactively, striving to further enhance Hong Kong’s competitiveness,” the government spokesperson added.

Furthermore, Hong Kong’s government has introduced strategies to “compete for talents and enterprises” to attract global businesses, talent and capital. 

“Moving forward, Hong Kong will continue to benefit from the sustained eastward shift of global economic gravity. Under ‘one country, two systems’, Hong Kong will leverage the staunch support of our motherland while staying connected to the world,” the spokesperson stated.

“We will actively align with national development strategies, seize the opportunities arising from the National 14th Five-Year Plan, the Greater Bay Area development and the Belt and Road Initiative, so as to pursue economic development and enhance people’s quality of life.”