Chinese political advisors in the Hong Kong Special Administrative Region (SAR) said the city has shown excellent development momentum, continuous economic development, and an increasingly improved social environment over the past year, which has boosted its ranking in world competitiveness.
Hong Kong climbed two places to fifth place in the latest World Competitiveness Yearbook 2024, published by the International Institute for Management Development, a business school headquartered in Switzerland.
Among the four competitiveness factors, Hong Kong's ranking in "business efficiency" and "infrastructure" has improved significantly, ranking among the top 10 in the world, while "government efficiency" ranked among the top three. The "economic performance" ranking also rose significantly, reflecting its economic recovery in 2023.
One of the advisors attributed the progress to the institutional strengths of the “one country, two systems” policy. He said Hong Kong has achieved coordinated development with the mainland while maintaining its characteristics.
"Hong Kong has many of our 'golden signboards.' For example, Hong Kong is the freest economy in the world and ranks at the top among global economies. After implementing the national security law for Hong Kong, it has one of the lowest crime rates in the world. Hong Kong is also the most accessible city for trade. In addition to these, Hong Kong is also the city with the longest life expectancy, the most developed medical care, and the best education. These are all our unique advantages," said Tu Haiming, deputy director of the Committee on Liaison with Hong Kong, Macao, Taiwan, and Overseas Chinese of the National Committee of the Chinese People's Political Consultative Conference (CPPCC).
The latest statistics show that Hong Kong's overall exports and imports increased by 14.8 percent and 9.6 percent, respectively, in May 2024. The real GDP grew by 2.7 percent year on year in the first quarter.
"In 2023, more than 9,000 mainland-headquartered or overseas-headquartered companies established branch offices in Hong Kong, international legal organizations such as the Hague Conference on Private International Law set up offices in Hong Kong and more than half of the world's top 100 law firms have practices in Hong Kong. In the next stage, Hong Kong can build on its own strengths to fully empower the development of emerging industries," said Bryan Xiaohui Lin, chairman of Realord Group Holdings Limited and a member of the CPPCC National Committee.
Statistics also show that the market value of Hong Kong stocks exceeds 33 trillion Hong Kong dollars (about 4.23 trillion U.S. dollars), and the assets under management in the city exceed 30.5 trillion Hong Kong dollars. These two scales are equivalent to 10 to 11 times the local GDP, proving that Hong Kong's status as an international financial center has been continuously consolidated and enhanced.
"In the past two years, the SAR government has actively promoted the development of emerging industries, especially in the field of innovation and technology. By recruiting talents and supporting enterprises, Hong Kong has attracted professionals and high-tech companies from home and abroad and created a favorable ecological environment for innovation. All these measures are conducive to improving Hong Kong's economic structure and promoting diversified economic development," said Tsoi Wing Sing, also a member of the CPPCC National Committee.
Hong Kong's rise in competitiveness highlights unique development advantages: political advisors
Hong Kong's rise in competitiveness highlights unique development advantages: political advisors
