HK Ranked 5th In Competitiveness

Hong Kong was ranked the fifth most competitive economy by the International Institute for Management Development in its World Competitiveness Yearbook 2020.

The institute attributed Hong Kong's lower ranking, down from second last year, to a decline in economic performance, social turmoil as well as the rub-on effect of the Chinese economy.

Commenting on the lacklustre economic performance and social unrest last year that affected Hong Kong's ranking, the Government said certain survey indicators of the report showed that survey respondents were deeply concerned about Hong Kong's social and political stability.

In view of the emerging threats and organisations advocating Hong Kong independence, it is clear that without adequate safeguards for national security, Hong Kong's stability will be at risk, it emphasised.

It is thus critical, essential and urgent for the National People's Congress to take the decision to establish and improve the legal system and enforcement mechanisms for the Hong Kong Special Administrative Region to safeguard national security from the state level in accordance with the Constitution of the People's Republic of China and the Basic Law.

The Government noted that the national security legislation will ensure the continuous successful implementation of the “one country, two systems” principle and help maintain an environment that is conducive to business and investment, thereby safeguarding the prosperity and stability of Hong Kong.

It added that the Hong Kong SAR Government is committed to enhancing the competitiveness and vibrancy of the city’s economy and has every confidence in Hong Kong’s long-term economic development.