Hong Kong's economic freedom, competitiveness remain internationally renowned: report

Photo taken on July 31, 2021 shows the Hong Kong Convention and Exhibition Center in south China's Hong Kong. (Xinhua/Wu Xiaochu)

Despite the disturbance from the social unrest in 2019 and the suppression by the United States, Hong Kong's institutional strengths under "one country, two systems" remain intact, as the international financial hub remained in leading positions in terms of economic freedom and competitiveness in various international rankings.

HONG KONG, Sept. 27 (Xinhua) -- Hong Kong's economic freedom and competitiveness continued to be well recognized by international institutions, a report of the Hong Kong Special Administrative Region (HKSAR) government said on Monday.

The "Report on Hong Kong's Business Environment: A Place with Unique Advantages and Unlimited Opportunities," released at a press conference by Paul Chan, financial secretary of the HKSAR government, stressed that Hong Kong's established institutional strengths under "one country, two systems" remain intact despite the disturbance from the social unrest in 2019 and suppression by the United States.

The report mentioned Hong Kong's multiple strengths, including the rule of law and judicial independence, the free flows of goods, capital, talent and information, a low and simple tax regime and sound regulatory frameworks.

Canada's Fraser Institute ranked Hong Kong as the world's freest economy in the Economic Freedom of the World 2021 Annual Report. The Global Competitiveness Report published by the World Economic Forum in 2019 ranked Hong Kong third globally, while the World Competitiveness Yearbook 2021 published by the International Institute for Management Development ranked Hong Kong seventh globally, the report noted.

People take an escalator in Hong Kong, south China, April 1, 2021. (Xinhua/Lo Ping Fai)

Foreign chambers of commerce remain generally confident about Hong Kong's business environment, and overseas companies seeking to expand their business have high hopes for the 14th Five-Year Plan for national socio-economic development and the development of the Guangdong-Hong Kong-Macao Greater Bay Area. Chambers of commerce from the United States, Britain, Australia and Malaysia all agree that Hong Kong remains an ideal place for international business, according to the report.

The StartmeupHK Festival, an annual startup event initiated by InvestHK, was held virtually in May this year and attracted nearly 40,000 participants from 103 economies, reflecting Hong Kong's continued attractiveness to foreign enterprises and investors, the report said.

Meanwhile, in the recent 2021 Global Financial Centers Index published by the British think tank Z/Yen Group and China Development Institute in Shenzhen, Hong Kong ranked third globally, rising by one place from the March issue of the index this year.