Hong Kong has been ranked as one of the top places to do business by the World Bank Group on Wednesday, a vote of confidence in the city’s regulations for business entry and utility infrastructure.
In the inaugural Business Ready 2024 Report covering 50 economies, Hong Kong logged high scores in international trade, business entry, and utility services. The city also ranked fifth in “operational efficiency”.
A Hong Kong Special Administrative Region government spokesman said the report recognizes the city’s role as an international trading center.
“The report highlights that Hong Kong has few restrictions on international trade in services and implements good practices in terms of information provision and regulations relating to company registration,” the spokesman added.
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Recent reports from diverse international organizations have validated Hong Kong’s robustness and competitiveness. For example, in the latest Global Financial Centres Index published in September, Hong Kong reclaimed its position as Asia’s leading financial center and ranked third globally.
Granular ratings showed that the city achieved first place in various competitive areas such as “business environment”, “human capital”, “infrastructure”, and “reputational and general”.
The report also ranked the SAR as one of the top 10 financial technology hubs worldwide.
But the government spokesman said the World Bank’s report, on the other hand, has not reflected “some of Hong Kong elements “conducive to a friendly business environment, such as implementing common law, robust rule of law, safeguarding gender equality”.
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The remarks came after the United States in September warned businesses of escalating risks associated with operations in Hong Kong, indicating that routine activities could violate the city’s national security laws.
Contact the writer at evanliu@chinadailyhk.com
