Hong Kong re­claims com­pet­i­tive­ness crown among Chi­nese cities

China Daily (Hong Kong) - - FRONT PAGE - By CHINA DAILY in Hong Kong Yang Zekun con­trib­uted to the story.

Hong Kong knocked out Shang­hai to re­take the crown among Chi­nese cities in com­pre­hen­sive com­pet­i­tive­ness, end­ing a five-year drought thanks to two huge cross-bound­ary in­fra­struc­ture projects.

The SAR clinched first place af­ter los­ing it for five con­sec­u­tive years in the Global City Com­pet­i­tive­ness Rank­ing. The an­nual rank­ing, jointly con­ducted by four or­ga­ni­za­tions, re­vealed its re­sults on Thurs­day in Hong Kong.

Hong Kong also took top rank­ing for busi­ness en­vi­ron­ment in China, beat­ing its neigh­bors Shen­zhen and Guangzhou.

The open­ing of the Guangzhou-Shen­zhen-Hong Kong Ex­press Rail Link and the up­com­ing Hong KongZhuhai-Ma­cao Bridge boost Hong Kong’s com­pet­i­tive­ness, stated Gui Qiang­fang, chair­man of the Hong Kong Chi­nese and For­eign In­sti­tute of City Com­pet­i­tive­ness — a lead­ing in­sti­tute in city com­pet­i­tive­ness in Hong Kong.

The Guang­dong-Hong Kong-Ma­cao Greater Bay Area will be­come the world’s most com­pet­i­tive bay area within three years, ac­cord­ing to the in­sti­tute.

The study was jointly con­ducted by the HKCFICC, World Or­ga­ni­za­tion for City Co­op­er­a­tion and De­vel­op­ment, China In­sti­tute of City Com­pet­i­tive­ness, and Hong Kong Gui Qiang Fang In­sti­tute of Global Com­pet­i­tive­ness.

Glob­ally, the spe­cial ad­min­is­tra­tive re­gion ranked sev­enth in com­pre­hen­sive com­pet­i­tive­ness. Hav­ing jumped two places from last year, Hong Kong holds the high­est rank among all Chi­nese cities in this global chart.

Hong Kong was deemed the freest econ­omy in the world for the 24th con­sec­u­tive year in the 2018 In­dex of Eco­nomic Free­dom re­port re­leased by the Her­itage Foun­da­tion.

Hong Kong is also one of the most pop­u­lar in­vest­ment des­ti­na­tions. The World In­vest­ment Re­port 2018, re­leased by the United Na­tions Con­fer­ence on Trade and De­vel­op­ment, showed that global for­eign direct in­vest­ment in­flows to Hong Kong amounted to $104 bil­lion in 2017, ranked third glob­ally, be­hind only the Chi­nese main­land ($136 bil­lion) in Asia.

In terms of out­flows, Hong Kong ranked third in Asia with $83 bil­lion, af­ter Ja­pan ($160 bil­lion) and the Chi­nese main­land ($125 bil­lion).

In FDI stock, Hong Kong was the world’s sec­ond-largest in­vestor and host, af­ter the US, in 2017.

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