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Hong Kong has been ranked the world's most competitive economy for the second consecutive year according to the International Institute for Management Development (IMD) World Competitiveness Yearbook 2012.
The Financial Secretary, Mr John C Tsang, said today (May 31), "We welcome the IMD's high regard of Hong Kong as the world's most competitive economy for the second consecutive year.
"Hong Kong is highly competitive vis-à-vis most other economies in the world, especially in terms of government efficiency, business efficiency and macroeconomic performance. In particular, openness to trade, rule of law, a business-friendly environment, sound fiscal policy, mature institutional framework, well-functioning financial market, and global city image are key factors underpinning Hong Kong's success.
"We will continue to enhance Hong Kong's competitiveness on various fronts to strengthen our position as a global city."
According to the IMD World Competitiveness Yearbook 2012 released today, Hong Kong maintains its top position, followed by the US, Switzerland, Singapore and Sweden. Last year, Hong Kong and the US had the same score and were both rated by IMD as number one. This year Hong Kong's score has surpassed the US, which is now in second place.
Among the four competitiveness factors assessed, Hong Kong continues to take the lead in government efficiency and business efficiency, and remains fourth in economic performance.
The report ranks the competitiveness of 59 economies around the world in various aspects. The four competitiveness factors assessed are: economic performance, government efficiency, business efficiency and infrastructure, each consists of five sub-factors. Analysed by sub-factor, Hong Kong ranks first in international trade, public finance, business legislation, finance, attitudes and values, as well as technological infrastructure.
Of the other economies in Greater China, the Mainland ranks 23rd and Taiwan 7th.
Ends/Thursday, May 31, 2012
Issued at HKT 11:02
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