by Charles Liu
The NanfangToday, 08:50
When it comes to attracting development and foreign businesses, Hong Kong is among the world’s top cities according to a Japanese think tank.
The Institute for Urban Strategies at the Mori Memorial Foundation recently released its annual Global Power City Index (GPCI). London occupied the highest position for the third year in a row, while former top spot, New York City, fell to second. Paris, Tokyo, Singapore, and Seoul fill out positions three to six while Hong Kong ranked a respectable seventh.
In addition to Hong Kong’s top ten ranking, China faired relatively well on the index: Shanghai came in 17th position while Beijing came in 18th. Taipei ranked 32nd.
The GCPI ranks city strength in six categories: economy, research and development, cultural interaction, livability, environment, and accessibility.
Hong Kong was awarded the seventh position on the GCPI predominantly on the merits of its livability, accessibility, and economy; three categories in which it performed the best. By comparison, the GCPI ranked Hong Kong’s research and development as well as its cultural interaction as weak spots.
Despite the impressive showing on the global stage, Hong Kong has lost much of its standing in mainland China. This past June, Hong Kong was shut out of a top-ten position for the first time in a ranking of China’s most competitive cities, coming in at 12th position.
Hong Kong’s GCPI rank out of the top five was explained by China Institute of City Competitiveness director, Gui Qiangfeng, as due to the city’s poor performance in GDP. As well, Gui said Hong Kong is not as competitive as other Chinese cities because of its societal friction, the ineffectual nature of local government, an imbalance of local supply and demand, and lack of capital for new industries.
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