The World Economic Forum has ranked Hong Kong the world’s seventh most competitive economy for a third year in a row.
Switzerland remains the most competitive economy for a seventh straight year in the WEF’s annual global competitiveness report, followed by Singapore and the United States.
The report shows Hong Kong's performance this year has been remarkably consistent with last year. It says the territory continues to lead when it comes to infrastructure, with an outstanding quality of facilities across all modes of transport.
But in terms of financial market development, the city’s slipped from the top spot to third. The report says Hong Kong's financial sector remains very well developed, with a high level of sophistication, trustworthiness, and stability, as well as a relatively good availability of credit.
The challenge for Hong Kong, it says, is to evolve from one of the world's foremost financial hubs into an innovative powerhouse. It says innovation is Hong Kong's weakest aspect, with the city only ranked 27th in the world. The report says the Hong Kong business community consistently cites the territory's capacity to innovate as its biggest concern.
China was ranked the world’s 28th most competitive economy – the same rank as last year. The World Economic Forum says China's failure to move up in the rankings shows the country is facing some difficult economic challenges. It says the mainland must now evolve to a growth model driven by innovation and domestic consumption.
Switzerland remains the most competitive economy for a seventh straight year in the WEF’s annual global competitiveness report, followed by Singapore and the United States.
The report shows Hong Kong's performance this year has been remarkably consistent with last year. It says the territory continues to lead when it comes to infrastructure, with an outstanding quality of facilities across all modes of transport.
But in terms of financial market development, the city’s slipped from the top spot to third. The report says Hong Kong's financial sector remains very well developed, with a high level of sophistication, trustworthiness, and stability, as well as a relatively good availability of credit.
The challenge for Hong Kong, it says, is to evolve from one of the world's foremost financial hubs into an innovative powerhouse. It says innovation is Hong Kong's weakest aspect, with the city only ranked 27th in the world. The report says the Hong Kong business community consistently cites the territory's capacity to innovate as its biggest concern.
China was ranked the world’s 28th most competitive economy – the same rank as last year. The World Economic Forum says China's failure to move up in the rankings shows the country is facing some difficult economic challenges. It says the mainland must now evolve to a growth model driven by innovation and domestic consumption.
http://news.rthk.hk/rthk/en/component/k2/1214484-20150930.htm
