The International Institute for Management Development (IMD) in Lausanne, Switzerland, yesterday released the World Competitiveness Yearbook 2025, in which Hong Kong's competitiveness rose two places to third in the world, following last year's two-place climb to fifth. This marks Hong Kong's first return to the global top three since 2019.
Chief Executive John Lee said in a press conference yesterday (June 17) that the Yearbook showed improved overall and multiple category scores for Hong Kong, indicating that the SAR government's policy direction is generally correct.
According to the Yearbook, Hong Kong's competitiveness has significantly improved, with its total score reaching 99.2 out of 100, an increase of 7.7 points - the highest improvement among the top ten economies. Among the four competitiveness factors, Hong Kong's rankings in government efficiency and business efficiency both rose to second in the world, while its rankings in economic performance and infrastructure improved to sixth and seventh globally, respectively.
In terms of sub-factors of competitiveness, Hong Kong ranked first in the world for tax policy and business legislation; second for international investment, education, and finance; and third for international trade and management practices.
John Lee: There's a right way
In a recent interview, Lee said he had changed the government culture since taking office, making results the goal and accelerating the overall pace of governance. Yesterday, he expressed encouragement at Hong Kong's government efficiency being ranked second in the world, which not only proves the inherent quality and capability of civil servants but also reflects that his policies of changing government culture and establishing a results-oriented government are correct.
Lee noted that the Yearbook affirms Hong Kong's world-class business environment and reflects business leaders' positive views on Hong Kong's competitiveness, as well as recognition by the business community of Hong Kong's advantages, including the rule of law, independent judicial trials, simple and low tax regime, efficient and transparent markets, robust financial system, business-friendly environment meeting international highest standards, and free flow of capital, information, goods and personnel.
"During my series of overseas visits and exchanges with foreign companies visiting or based in Hong Kong, many representatives frankly stated that it was Hong Kong's advantages that attracted them to establish operations here and use it as their regional or even international headquarters," Lee said. "Surveys by several foreign chambers of commerce in Hong Kong also show that foreign capital continues to have positive prospects for Hong Kong's development."
Paul Chan's POV
Following the announcement of the results, Financial Secretary Paul Chan Mo-po posted on social media that Hong Kong has performed outstandingly in various international rankings, including economic freedom and status as an international financial center, while international rating agencies have unanimously given positive ratings. This series of achievements highlights the effectiveness of the SAR government and all sectors of society in making all-out efforts to enhance Hong Kong's business environment and competitiveness at full speed, which has been recognized and affirmed by all parties.
Chan frankly stated that the complex and ever-changing external political and economic landscape is the new normal. The key strategy is to focus all efforts on enhancing our own competitiveness and expanding broader networks and circles of friends, enabling Hong Kong to better leverage its advantages as a "super connector" and "super value-adder." Since the beginning of this year, the excellent performance of Hong Kong's financial markets clearly reflects international investors ' confidence in Hong Kong and the nation's future with their capital and concrete actions.
"We must seize this favorable momentum, actively pursue change, make all-out efforts to innovate, tell Hong Kong's story well, and welcome more prosperous and better development," Chan said.
(Source: Wen Wei Po; Journalist: Wong; English Editor: Darius)
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