Hong Kong ranks among world’s top places to do business

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The SAR scored the highest in the three areas of ‘International Trade’, ‘Business Entry’ and ‘Utility Services’.

The World Bank Group (WBG) has recently published the first Business Ready 2024 Report as a pilot. Among the 50 economies covered in the report, Hong Kong has emerged as one of the top 10 performers.

The report has compared the overall performance of economies in terms of their business environment under 10 topics and three pillars.

The 10 topics are:

• Business entry
• Business location
• Utility services
• Labour
• Financial services
• International trade
• Taxation
• Dispute resolution
• Market competition
• Business insolvency

And the three pillars are:

• Regulatory framework
• Public services
• Operational efficiency

Hong Kong scored the highest in the three topics of ‘International Trade’ (90.77 points), ‘Business Entry’ (85.49 points) and ‘Utility Services’ (77.71 points). Among the three pillars, the SAR ranks fifth in "Operational Efficiency" with a score of 78.52 points.

A spokesperson of the HKSAR Government said the report has fully illustrated Hong Kong’s role as a 'super-connector' and a 'super value-adder', and as a two-way door in attracting overseas enterprises and assisting Mainland enterprises to 'go global'. However, some of the city's elements conducive to a friendly business environment, such as implementing common law, robust rule of law, safeguarding gender equality etc., have not been reflected.

The spokesperson added that the Government will conduct in-depth studies on the report and continue to work closely with the business sector and other stakeholders to create a more business-friendly and efficient environment for businesses in Hong Kong.