Hong Kong was ranked the fifth most competitive economy in the World Competitiveness Yearbook 2022 published by the International Institute for Management Development, up from seventh last year.

Among the four competitiveness factors, Hong Kong continued to rank favourably in terms of government efficiency and business efficiency, while its rankings in economic performance and infrastructure also improved.

On sub-factors, the city continued to rank top in business legislation and was in the top three positions in public finance, tax policy as well as international investment.

The Government said the yearbook recognised Hong Kong as one of the most competitive economies in the world.

It emphasised that Hong Kong's competitiveness is underpinned by its institutional strengths under "one country, two systems", including the rule of law and judicial independence, free flow of capital, a free trade and investment regime, a simple and low tax system, a favourable business environment and an efficient government.

The Government is committed to further enhancing Hong Kong's competitiveness amid keen global competition.

Aside from upholding Hong Kong's institutional strengths and competitive advantages, it will step up investment in infrastructure, innovation and technology, nurturing talent and increasing land supply in order to provide a favourable environment for the city's long-term economic development.

Looking forward, the Government said economies in Asia, particularly the Mainland, would continue to contribute significantly to global economic growth.

Under "one country, two systems", Hong Kong will continue to play its unique roles as a gateway, a springboard and an intermediary, and actively integrate into the country's development.

It will also seize the opportunities arising from the National 14th Five-Year Plan and national development plans, such as the Guangdong-Hong Kong-Macao Greater Bay Area development and the Belt & Road Initiative.

The Government added that it has every confidence in Hong Kong's long-term economic development and competitiveness.