Hong Kong ranks 7th in list of world’s most competitive economies

It dropped by two places from last year.

Hong Kong fell two places in the annual IMD World Competitiveness Ranking (WCR), ranking as the world’s seventh most competitive economy.

According to IMD, Hong Kong performed well in government efficiency –- ranking second globally –- and infrastructure.

The city’s ranking in business efficiency, however, fell slightly due to an upsurge in the COVID-19 epidemic last year.

The government said the city’s competitiveness is "underpinned by its distinctive institutional strengths under 'one country, two systems'."

It explained that under “one country, two systems," Hong Kong will leverage the staunch support of its motherland while staying connected to the world, and continue to serve the distinctive roles as a gateway, a springboard and an intermediary by its distinctive institutional and geographical advantages.

Hong Kong will also actively align with national development strategies, and seize the opportunities arising from the National 14th Five-Year Plan, the Greater Bay Area development and the Belt & Road Initiative, to pursue economic development and enhance people's quality of life.

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