IMD's 2020: HK slipped to 5th place in World Competitiveness Ranking

According to the International Management Development Institute's (IMD) World Competitiveness Yearbook 2020, Hong Kong ranks fifth among the most competitive economies.

The agency lowered Hong Kong's ranking from 2nd place last year to 5th place because of the economic downturn, social unrest, and the interaction effect of the Chinese economy.

Commenting on the poor economic performance and social turmoil last year that affected Hong Kong's ranking, the HK government said that some survey indicators in the report showed that respondents were deeply concerned about Hong Kong's social and political stability.

The report emphasized that because of the emerging threats and organizations advocating Hong Kong's independence, it is evident that Hong Kong's stability will be threatened without adequate national security guarantees.

Therefore, the National People's Congress must follow the Constitution of the People's Republic of China and the Basic Law, and decide to establish and improve the legal system and law enforcement mechanism of the HKSAR to safeguard national security.

The government noted that the national security legislation would ensure the smooth implementation of the principle of "one country, two systems" and help maintain an environment conducive to business and investment, thus safeguarding Hong Kong's prosperity and stability.

The HKSAR government is committed to enhancing the competitiveness and vitality of Hong Kong's economy and has every confidence in Hong Kong's long-term economic development.