The competitiveness and level-playing field of Hong Kong economy is once again recognised by the international community. In the latest World Competitiveness Yearbook (WCY) 2021 released in June 2021 by the International Institute for Management Development (IMD), Hong Kong is ranked the 7th most competitive among 64 countries/territories surveyed, and the 2nd among its Asian counterparts.

The Yearbook measures the competitiveness by using over 200 criteria under four main factors, namely Economic Performance, Government Efficiency, Business Efficiency and Infrastructure. Hong Kong continues to be ranked top in the factor "Government Efficiency". This year, Hong Kong receives the 8th highest score in the criterion "Bribery and corruption do not exist", 4 places higher than last year.

This is another strong evidence showing the business sector"s confidence in the efficiency, fairness and integrity of Hong Kong"s economy.

Hong Kong"s strengths upheld

As a small and open economy, Hong Kong has faced unprecedented challenges over the past couple of years. Yet, Hong Kong's institutional strengths, including the rule of law and independence of the judiciary, free trade and investment regimes, a simple and low tax system, a favourable business environment, an efficient government and the level-playing field, remain unscathed.

On top of upholding Hong Kong's institutional strengths, the Government of the Hong Kong Special Administrative Region is committed to enhancing Hong Kong's status as international financial, transportation and trade centres and developing Hong Kong into an international innovation and technology hub, an international aviation hub and a green city. The Government will also step up investment in infrastructure, and innovation and technology, in order to add growth impetus to the city"s development.

Looking forward, under 'One Country, Two Systems", Hong Kong will continue to play its unique roles as a gateway, a springboard and an intermediary in economies in Asia, and actively integrate into the new overall development of China. Hong Kong's long-term economic development and competitiveness remain promising. The ICAC will continue to leverage its holistic anti-corruption strategy combining law enforcement, prevention and education to help Hong Kong remain competitive, cosmopolitan and fair for continuous economic development.

Stay tuned with the International Perspective on ICAC website for the most up-to-date information about Hong Kong's anti-corruption efforts.