Hong Kong Ranks Among Top Ten Economies in World Bank's Business Ready 2024 Report

Business Ready 2024 Report recognised Hong Kong as one of top places to do business

The World Bank Group (WBG) published the first Business Ready 2024 Report (Report) today (October 3). The Report is pilot in nature. Hong Kong is among the top ten performers among 50 economies covered in the Report.

The Report compares the overall performance of economies in terms of their business environment under ten topics (note 1) and three pillars (note 2). For Hong Kong, among the ten topics, the three topics with the highest score are namely "International Trade" (90.77 points), "Business Entry" (85.49 points) and "Utility Services" (77.71 points). Among the three pillars, Hong Kong ranks fifth in "Operational Efficiency" with a score of 78.52 points.

"The Report has given recognition to Hong Kong as an international trading centre with simple and clear regulations in business entry, and also stable and efficient utility infrastructure. Among others, the Report highlights that Hong Kong has few restrictions on international trade in services and implements good practices in terms of information provision and regulations relating to company registration. The Report fully illustrates Hong Kong's role as a 'super-connector' and a 'super value-adder', and as a two-way door in attracting overseas enterprises and assisting Mainland enterprises to 'go global'," a government spokesman said.

"In fact, recent reports issued by various international organisations have clearly affirmed Hong Kong's strength and competitiveness in many aspects. For example, in the World Competitiveness Yearbook 2024 published by the International Institute for Management Development in June, Hong Kong ranked fifth globally, and topped the rankings in two sub-factors of "International trade" and "Business legislation". Hong Kong also ranked among the top three in the competitiveness factor of "Government efficiency". In the latest Global Financial Centres Index recently announced in September, Hong Kong ranked third globally and first in the Asia-Pacific. Hong Kong's scores were rated among the top in "business environment", "human capital", "infrastructure", and "reputational and general," the spokesman added.

"On the other hand, the Report have not reflected some of our elements conducive to a friendly business environment, such as implementing common law, robust rule of law, safeguarding gender equality etc. The Government will continue to maintain close communication with the WBG to explain more comprehensively Hong Kong's situation and our various policies and measures that facilitate the business environment. The Government will also proactively provide feedback for the WBG to improve the methodology and approach of the Report," he added.

The Government will conduct in-depth studies on the Report and continue to work closely with the business sector and other stakeholders to create a more business-friendly and efficient environment for Hong Kong.

Note 1: The ten topics are "Business Entry", "Business Location", "Utility Services", "Labor", "Financial Services", "International Trade", "Taxation", "Dispute Resolution", "Market Competition" and "Business Insolvency".

Note 2: Including "Regulatory Framework", "Public Services" and "Operational Efficiency"

Adaptation period for new regulation on disposable plastic products to end in two weeks

The Environmental Protection Department (EPD) spokesperson said today (October 7) that the six-month adaptation period for the new regulation on disposable plastic products will conclude in two weeks, on October 21.

The EPD reminds all relevant businesses to prepare for the end of the adaptation period. For information on non-plastic alternatives, please visit the EPD's Green Tableware Platform (www.greentableware.hk) or contact the EPD hotline at 2838 3111.

During the past five months of the adaptation period, the new regulation has successfully initiated a trend of waste reduction across various sectors. The catering sector has reported that many takeaway customers have gradually adapted to bringing their own reusable cutlery. Chained restaurants have indicated that approximately 80 per cent of their customers have chosen not to require takeaway cutlery, and about 30 per cent of restaurants no longer provide any takeaway cutlery.

In the retail and services sectors, property management companies have revealed that most people have become accustomed to using umbrella dryers instead of single-use plastic umbrella bags. The use of disposable plastic products, such as plastic balloon sticks, glow sticks, and party hats during festivals, has significantly decreased, with businesses co-operating by switching to selling alternative products.

The hotel sector has reported that the consumption of disposable plastic items since the implementation of the new regulation has been reduced substantially. Many visitors have also expressed support for the new plastic-free measures. The implementation of the new regulation has encouraged habitual changes among both the public and the trades, fostering a new culture of "plastic-free, disposable-free, and green-recycling" at the community level and paving the way towards a new milestone in plastic-free living.

Plastic is widely used and deeply integrated into human life. However, due to its harm to the environment, there is now an international consensus: to achieve sustainable development, humanity must take action to reduce and ultimately eliminate plastic in the long term.

Hong Kong has implemented the new regulation since April 22 this year, aiming to reduce the use of disposable plastic tableware and other disposable plastic products at the source. This initiative seeks to mitigate the impact of plastic pollution on marine ecology and human health, accompanied by publicity and education, with a view to establishing a habit and culture of being plastic-free in society.