In the latest World Competitiveness Yearbook (WCY) 2022 published by the International Institute for Management Development (IMD), China's Hong Kong Special Administrative Region (HKSAR) was ranked fifth globally, up from the seventh place last year.

Among the four competitiveness factors in WCY 2022, Hong Kong continued to rank favorably in "government efficiency" and "business efficiency," and rankings in "economic performance" and "infrastructure" also improved.

As regards the sub-factors, Hong Kong continued to top the ranking in "business legislation," and was amongst the top-three in "public finance," "tax policy," and "international investment."

"The IMD's WCY 2022 recognized Hong Kong as one of the most competitive economies in the world. Hong Kong's competitiveness is underpinned by our 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 favorable business environment and an efficient government," said a spokesperson for the HKSAR government on Wednesday.

The spokesperson added that the HKSAR 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, we will step up investment in infrastructure, innovation and technology, nurturing talents and increasing land supply, in order to provide a favorable environment for Hong Kong's long-term economic development," according to the spokesperson.