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Hong Kong ranked fifth in World Competitiveness Yearbook 2022
     In the latest World Competitiveness Yearbook (WCY) 2022 published by the International Institute for Management Development (IMD), Hong Kong was ranked fifth globally, up from seventh last year. Denmark was ranked top, followed by Switzerland, Singapore and Sweden.

     Among the four competitiveness factors in WCY 2022, Hong Kong continued to rank favourably in "Government efficiency" and "Business efficiency", and our rankings in "Economic performance" and "Infrastructure” also improved.  As regards the sub-factors, Hong Kong continued to top the ranking in "Business legislation", and was amongst the top-three in "Public finance", "Tax policy" and "International investment".

     A Government spokesperson said today (June 15), "The IMD's WCY 2022 recognised Hong Kong as one of the most competitive economies in the world. Hong Kong’s competitiveness is underpinned by our institutional strengths under 'One Country, Two Systems', including the rule of law and judicial independence, free flow of capital, a free trade and investment regime, a simple and low tax system, a favourable business environment and an efficient government.”

     The spokesperson added, "The HKSAR Government is committed to further enhancing Hong Kong's competitiveness amid keen global competition. Aside from upholding Hong Kong's institutional strengths and competitive advantages, we will step up investment in infrastructure, innovation and technology, nurturing talents and increasing land supply, in order to provide a favourable environment for Hong Kong’s long-term economic development."

     "Looking forward, economies in Asia, particularly the Mainland, will continue to contribute significantly to global economic growth. Under 'One Country, Two Systems', Hong Kong will continue to play our unique roles as a gateway, a springboard and an intermediary, and actively integrate into the development of our country and seize the opportunities arising from the National 14th Five-Year Plan and national development plans such as the Greater Bay Area development and the Belt and Road Initiative."

     "We have every confidence in Hong Kong's long-term economic development and competitiveness."
Ends/Wednesday, June 15, 2022
Issued at HKT 10:00
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