HK climbs global rankings across multiple indicators: Economic freedom, competitiveness, and tourism on rise

Hong Kong is demonstrating strong momentum in global rankings across various fields, making significant progress in its economic, financial, and social indicators. According to the latest report released by the Legislative Council Secretariat's Research Office, the city has shown marked improvement in international standings over the past few years.

Key rankings in 2024:

1. Economic Freedom: HK rose to 1st place globally in 2022, overtaking its 2021 position as 2nd.
2. Global Financial Centres Index: Climbed from 4th in March 2024 to 3rd in September 2024.
3. Global Cities Index: Improved from 9th in 2022 to 4th in 2023.
4. World Competitiveness: Advanced from 7th in 2023 to 5th in 2024.
5. World Digital Competitiveness: Moved up from 10th in 2023 to 7th in 2024.
6. Global Talent Competitiveness: Jumped from 16th in 2023 to 9th in 2024.
7. Chinese Cities of Opportunity: Rose from 16th in 2023 to 13th in 2024.

Economic growth and income levels

• HK's median monthly employment income increased from HK$20,500 in 2023 to HK$ 21,900 between August and October 2024.
• Its GDP per capita grew from approximately HK$382,000 in 2023 to over HK$395,000 by the end of 2024.

Public spending priorities

In the 2024-2025 fiscal year, HK's public recurrent expenditure continues to prioritize social welfare, which accounts for 21.1% of total spending, followed by health (18.1%), education (17.6%), and auxiliary services (12.7%). Other areas of expenditure include:

• Security: 10.1%
• Infrastructure: 5.8%
• Environment and Food: 4.4%
• Economy: 3.8%
• Housing: 3.5%
• Community and External Affairs: 3.0%

Tourism recovery

Tourism has seen a robust recovery in 2024, with over 40.24 million visitors arriving between January and November, a 33.8% increase compared to the same period in 2023. Among these visitors:

• 76.9% were from the mainland, making it the largest source of visitors.
• Travelers from South Asia and Southeast Asia accounted for 7.5%, ranking second.

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