Latest news with #WorldCompetitivenessYearbook
The Sun
2 days ago
- Business
- The Sun
Hong Kong rises to World's No.3 most competitive economy
HONG KONG SAR - Media OutReach Newswire - 19 June 2025 - Hong Kong has moved up two places to rank as the world's third most competitive economy, marking the second successive year that the city has jumped two places in the global rankings to reach its highest position since 2019. The World Competitiveness Yearbook 2025 (WCY 2025), published (June 17) by the Swiss-based International Institute for Management Development (IMD), assessed 69 economies around the world. Hong Kong made gains in all the factors of competitiveness: 'Government efficiency' (second), 'Business efficiency' (second) 'Economic performance' (sixth), and 'Infrastructure' (seventh). The IMD remarked that the gains across all four factors of competitiveness reflect a broad-based approach of Hong Kong to attracting private sector investment. 'The World Competitiveness Yearbook shows that Hong Kong's scores in overall terms and in many areas have improved, indicating that the Hong Kong Special Administrative Region (HKSAR) Government's policy directions are on the right course and that various policies have yielded results,' said the HKSAR's Chief Executive John Lee. Hong Kong has ranked among the top 10 in the world for over 20 consecutive years, since the WCY 2003. Mr Lee said the ranking also 'affirms Hong Kong's world-class business environment, reflecting business leaders' positive views on its competitiveness and strengths, including the rule of law, independent exercise of judicial power, a simple tax regime with low tax rates, an efficient and transparent market, a robust financial system, and a facilitating environment aligned with international best practices, as well as free flow of capital, information, goods and talent, which are affirmed by the business community.' Despite the current uncertain global economic landscape and geopolitical turmoil, Hong Kong recorded solid year-on-year GDP growth of 3.1% in the first quarter of 2025, with full year GDP growth expected to be 2% to 3%. Totally, 145,053 local companies were newly registered under the Companies Ordinance last year, bringing the overall number of local companies registered to a record high of 1,460,494, at end-2024. Meanwhile, 1,079 newly established non-Hong Kong companies were registered, bringing that overall total to an all-time high of 15,126. 'Under the unique advantages of 'one country, two systems', Hong Kong enjoys both the China advantage and the global advantage. We will continue to leverage Hong Kong's role as a 'super-connector' and 'super value-adder', strengthen international exchanges and co-operation, expand and deepen regional trade, explore new markets, with a view to building a vibrant economy, striving for development and improving people's livelihoods on all fronts,' Mr Lee said. To attract more non-Hong Kong incorporated companies to re-domicile to Hong Kong, the Government launched a new company re-domiciliation regime legislation last month, providing a simple and accessible mechanism for re-domiciliation to Hong Kong. Already, two insurance companies, AXA Hong Kong and Macau (AXA China Region Insurance Company (Bermuda) Limited) and Manulife (International) Limited have announced plans to re-domicile to Hong Kong under the new regime, subject to regulatory approvals. Hong Kong is actively driving reforms to strengthen and enhance its position as an international financial, trade, and shipping centre, trawling for businesses and talents. The Office for Attracting Strategic Enterprises has attracted over 80 strategic enterprises to establish offices in Hong Kong, bringing about HK$50 billion total investments in the years to come, and creating over 20,000 jobs. Among the sub-factors in the WCY 2025, Hong Kong came top for 'Tax policy' and 'Business legislation' and second for 'Education', 'International investment' and 'Finance'. Ranked as a top three global financial centre, Hong Kong's stock exchange is a key barometer of financial market performance. By May 30, 2025, stock market capitalisation had increased by 24% year-on-year to over US$5.2 trillion. Notably, the Hong Kong Stock Exchange has seen a surge in initial public offerings (IPOs), with total IPO funds raised reaching nearly HK$79 billion (US$10.12 billion) so far this year, making it the leader among major global exchanges.
Zawya
2 days ago
- Business
- Zawya
Hong Kong rises to World's No.3 most competitive economy
HONG KONG SAR - Media OutReach Newswire - 19 June 2025 - Hong Kong has moved up two places to rank as the world's third most competitive economy, marking the second successive year that the city has jumped two places in the global rankings to reach its highest position since 2019. The World Competitiveness Yearbook 2025 (WCY 2025), published (June 17) by the Swiss-based International Institute for Management Development (IMD), assessed 69 economies around the world. Hong Kong made gains in all the factors of competitiveness: "Government efficiency" (second), "Business efficiency" (second) "Economic performance" (sixth), and "Infrastructure" (seventh). The IMD remarked that the gains across all four factors of competitiveness reflect a broad-based approach of Hong Kong to attracting private sector investment. "The World Competitiveness Yearbook shows that Hong Kong's scores in overall terms and in many areas have improved, indicating that the Hong Kong Special Administrative Region (HKSAR) Government's policy directions are on the right course and that various policies have yielded results," said the HKSAR's Chief Executive John Lee. Hong Kong has ranked among the top 10 in the world for over 20 consecutive years, since the WCY 2003. Mr Lee said the ranking also "affirms Hong Kong's world-class business environment, reflecting business leaders' positive views on its competitiveness and strengths, including the rule of law, independent exercise of judicial power, a simple tax regime with low tax rates, an efficient and transparent market, a robust financial system, and a facilitating environment aligned with international best practices, as well as free flow of capital, information, goods and talent, which are affirmed by the business community." Despite the current uncertain global economic landscape and geopolitical turmoil, Hong Kong recorded solid year-on-year GDP growth of 3.1% in the first quarter of 2025, with full year GDP growth expected to be 2% to 3%. Totally, 145,053 local companies were newly registered under the Companies Ordinance last year, bringing the overall number of local companies registered to a record high of 1,460,494, at end-2024. Meanwhile, 1,079 newly established non-Hong Kong companies were registered, bringing that overall total to an all-time high of 15,126. "Under the unique advantages of 'one country, two systems', Hong Kong enjoys both the China advantage and the global advantage. We will continue to leverage Hong Kong's role as a 'super-connector' and 'super value-adder', strengthen international exchanges and co-operation, expand and deepen regional trade, explore new markets, with a view to building a vibrant economy, striving for development and improving people's livelihoods on all fronts," Mr Lee said. To attract more non-Hong Kong incorporated companies to re-domicile to Hong Kong, the Government launched a new company re-domiciliation regime legislation last month, providing a simple and accessible mechanism for re-domiciliation to Hong Kong. Already, two insurance companies, AXA Hong Kong and Macau (AXA China Region Insurance Company (Bermuda) Limited) and Manulife (International) Limited have announced plans to re-domicile to Hong Kong under the new regime, subject to regulatory approvals. Hong Kong is actively driving reforms to strengthen and enhance its position as an international financial, trade, and shipping centre, trawling for businesses and talents. The Office for Attracting Strategic Enterprises has attracted over 80 strategic enterprises to establish offices in Hong Kong, bringing about HK$50 billion total investments in the years to come, and creating over 20,000 jobs. Among the sub-factors in the WCY 2025, Hong Kong came top for "Tax policy" and "Business legislation" and second for "Education", "International investment" and "Finance". Ranked as a top three global financial centre, Hong Kong's stock exchange is a key barometer of financial market performance. By May 30, 2025, stock market capitalisation had increased by 24% year-on-year to over US$5.2 trillion. Notably, the Hong Kong Stock Exchange has seen a surge in initial public offerings (IPOs), with total IPO funds raised reaching nearly HK$79 billion (US$10.12 billion) so far this year, making it the leader among major global exchanges. Hashtag: #hongkong #brandhongkong #asiasworldcity #excellenthk #IMD #WorldCompetitiveness2025 The issuer is solely responsible for the content of this announcement. Information Services Department, Hong Kong SAR Government
Associated Press
2 days ago
- Business
- Associated Press
Hong Kong rises to World's No.3 most competitive economy
HONG KONG SAR - Media OutReach Newswire - 19 June 2025 - Hong Kong has moved up two places to rank as the world's third most competitive economy, marking the second successive year that the city has jumped two places in the global rankings to reach its highest position since 2019. The World Competitiveness Yearbook 2025 (WCY 2025), published (June 17) by the Swiss-based International Institute for Management Development (IMD), assessed 69 economies around the world. Hong Kong made gains in all the factors of competitiveness: 'Government efficiency' (second), 'Business efficiency' (second) 'Economic performance' (sixth), and 'Infrastructure' (seventh). The IMD remarked that the gains across all four factors of competitiveness reflect a broad-based approach of Hong Kong to attracting private sector investment. 'The World Competitiveness Yearbook shows that Hong Kong's scores in overall terms and in many areas have improved, indicating that the Hong Kong Special Administrative Region (HKSAR) Government's policy directions are on the right course and that various policies have yielded results,' said the HKSAR's Chief Executive John Lee. Hong Kong has ranked among the top 10 in the world for over 20 consecutive years, since the WCY 2003. Hong Kong rises to World's No.3 most competitive economy Mr Lee said the ranking also 'affirms Hong Kong's world-class business environment, reflecting business leaders' positive views on its competitiveness and strengths, including the rule of law, independent exercise of judicial power, a simple tax regime with low tax rates, an efficient and transparent market, a robust financial system, and a facilitating environment aligned with international best practices, as well as free flow of capital, information, goods and talent, which are affirmed by the business community.' Despite the current uncertain global economic landscape and geopolitical turmoil, Hong Kong recorded solid year-on-year GDP growth of 3.1% in the first quarter of 2025, with full year GDP growth expected to be 2% to 3%. Totally, 145,053 local companies were newly registered under the Companies Ordinance last year, bringing the overall number of local companies registered to a record high of 1,460,494, at end-2024. Meanwhile, 1,079 newly established non-Hong Kong companies were registered, bringing that overall total to an all-time high of 15,126. 'Under the unique advantages of 'one country, two systems', Hong Kong enjoys both the China advantage and the global advantage. We will continue to leverage Hong Kong's role as a 'super-connector' and 'super value-adder', strengthen international exchanges and co-operation, expand and deepen regional trade, explore new markets, with a view to building a vibrant economy, striving for development and improving people's livelihoods on all fronts,' Mr Lee said. To attract more non-Hong Kong incorporated companies to re-domicile to Hong Kong, the Government launched a new company re-domiciliation regime legislation last month, providing a simple and accessible mechanism for re-domiciliation to Hong Kong. Already, two insurance companies, AXA Hong Kong and Macau (AXA China Region Insurance Company (Bermuda) Limited) and Manulife (International) Limited have announced plans to re-domicile to Hong Kong under the new regime, subject to regulatory approvals. Hong Kong is actively driving reforms to strengthen and enhance its position as an international financial, trade, and shipping centre, trawling for businesses and talents. The Office for Attracting Strategic Enterprises has attracted over 80 strategic enterprises to establish offices in Hong Kong, bringing about HK$50 billion total investments in the years to come, and creating over 20,000 jobs. Among the sub-factors in the WCY 2025, Hong Kong came top for 'Tax policy' and 'Business legislation' and second for 'Education', 'International investment' and 'Finance'. Ranked as a top three global financial centre, Hong Kong's stock exchange is a key barometer of financial market performance. By May 30, 2025, stock market capitalisation had increased by 24% year-on-year to over US$5.2 trillion. Notably, the Hong Kong Stock Exchange has seen a surge in initial public offerings (IPOs), with total IPO funds raised reaching nearly HK$79 billion (US$10.12 billion) so far this year, making it the leader among major global exchanges. Hong Kong is one of the world's top three ranked global financial centres Hashtag: #hongkong #brandhongkong #asiasworldcity #excellenthk #IMD #WorldCompetitiveness2025 The issuer is solely responsible for the content of this announcement.
RTHK
4 days ago
- Business
- RTHK
CE says international ranking shows govt doing well
CE says international ranking shows govt doing well Hong Kong has been ranked the world's third most competitive place by the IMD. Photo: RTHK Chief Executive John Lee on Tuesday said Hong Kong's third position in a global competitiveness ranking shows the government's policies have borne fruit. The SAR has climbed two places in the International Institute for Management Development's World Competitiveness Yearbook since last year, with Hong Kong returning to the top three for the first time since 2019. The ranking takes into account criteria including economic performance, government efficiency, business efficiency and infrastructure. "The World Competitiveness Yearbook also affirms the excellent business environment and condition in Hong Kong that shows that we have advantages," Lee said ahead of this week's Executive Council meeting. "We have the rule of law. We have an independent judiciary. We have a simple and low taxation system. We have a highly transparent and efficient market. We have a stable financial sector and we have various business-friendly measures and environment. And then there is free flow of information, people, goods, capital and so on. These are all recognised by the business sector." The SAR was ranked second for government efficiency, with Lee saying this shows his administration is improving people's livelihoods. Switzerland claimed the top spot in the ranking, with Singapore in second place.
Perth Now
4 days ago
- Business
- Perth Now
Australia slides down economic competitiveness rankings
Poor productivity and economic growth are dulling Australia's competitive edge and sending it sliding down an international economic leaderboard. Australia fell five spots to 18th place in the latest World Competitiveness Yearbook report, released by the Swiss-based Institute for Management Development on Tuesday. The disappointing result reiterates the need to revive flagging productivity - which measures how efficiently an economy converts inputs to output - said Cassandra Winzar, chief economist at independent think tank the Committee for Economic Development of Australia. Australia dropped from 28th to 49th in the productivity and efficiency standings. That accords with data from the Australian Bureau of Statistics that shows the nation's labour productivity growth rate has slowed to its lowest level in at least 20 years. "With inflation looking to be under control in the short-term, we must now tackle the longer-term challenges holding back our economy," Ms Winzar said. "Key to this is lifting weak productivity through measures such as streamlining regulation, encouraging business investment and undertaking broad-based tax reform." The federal government has targeted productivity growth as a key economic focus of its second term. Prime Minister Anthony Albanese announced a roundtable of industry, unions and experts in August to help guide its efforts. "We hope the Albanese government's recently announced productivity roundtable yields tangible policy outcomes that can lift us out of this funk," Ms Winzar said. "CEDA has long been calling for tax reform to be part of the Federal Government's agenda, and this report makes the need even more clear, given our consistently high levels of company and personal income taxes (ranked 59th and 58th respectively)." The government has remained coy on whether it would consider lowering the corporate tax rate as part of its productivity push, with Assistant Minister for Productivity Andrew Leigh focusing instead on slashing onerous red tape. "One of the big challenges here is that you're working across a range of tiers of governments, and so it's local, state and federal governments have these regulations. In many cases well-meaning, but often the cumulative effect of them is to create this thicket of regulation," Dr Leigh told Canberra radio station 2CC on Tuesday. Housing was being particularly held back by layers of red tape, Dr Leigh said, but he backed away from a suggestion to take a "stick" to local councils that get in the way of new supply. "Look, I'm a collaborative person. I wouldn't naturally think about taking a 'stick' to other tiers of government," he said. "And I think there is a political challenge if you're a jurisdiction where your votes are coming from local residents who don't necessarily want to see infill." Australia's worst result in the institute's ranking was its level of entrepreneurship, rating 68th out of the 69 countries included in the report. In real GDP per capita growth - a common measure of living standards - Australia tumbled 40 places to 60th spot, reflecting the fact that the country has experienced a fall in output per person in eight out of the last nine quarters. Opposition finance spokesman James Paterson and productivity spokesman Andrew Bragg said growth in government-funded jobs under Labor was crowding out the private sector, diminishing innovation and productivity. "If Labor is serious about making its productivity roundtable a success, they should commit to a process beyond a one-day meeting in Canberra," the duo said in a statement.
