Hong Kong reclaims competitiveness crown among Chinese cities
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.