The latest Business Ready 2024 report released by the World Bank reaffirms Hong Kong’s position as a global financial hub and a leader in business efficiency. Despite attempts from certain quarters to disparage the city’s economic prowess, the data presented in this report decisively counters such baseless claims.
The facts speak for themselves: Hong Kong stands among the top 10 performers worldwide, reinforcing its status as a critical player in the international business and financial landscapes. Those who have recently cast doubts on Hong Kong’s economic health must now contend with the hard evidence presented by internationally recognized institutions, including the World Bank, the International Institute for Management Development, and the London-based Z/Yen and Shenzhen-based China Development Institute. The reports released by these institutions serve as both a celebration of Hong Kong’s achievements and a powerful rebuttal to those who seek to undermine its reputation.
One of the key highlights of the Business Ready 2024 report is Hong Kong’s exceptional performance in three specific areas: international trade, business entry, and utility services. Scoring a remarkable 90.77 points in international trade, Hong Kong’s role as a superconnector in global commerce is unequivocally validated. This recognition is a nod to the city’s strategic geographical position and to the streamlined and efficient processes that allow businesses to thrive. With minimal restrictions on international services trade, Hong Kong continues to offer a business environment that prioritizes openness and accessibility, which are essential in today’s interconnected global economy. For those who question the city’s capacity to maintain this role, the report’s findings are a clear and irrefutable answer.
READ MORE: World Bank report: HK ranked among top business hubs
Moreover, the report acknowledges Hong Kong’s regulatory framework, particularly its simplicity and clarity regarding business entry. Scoring 85.49 points in this area, the city stands as a beacon of efficiency, where businesses can be established swiftly and with minimal bureaucratic hurdles. This contradicts the unfounded claims made by the detractors who have attempted to paint Hong Kong as a city bogged down by red tape and inefficiency. As confirmed by the World Bank data, the reality is precisely the opposite: Hong Kong remains a highly competitive and business-friendly environment, where regulatory transparency and efficiency are the rule, not the exception.
Regarding utility services, Hong Kong’s score of 77.71 points further proves the city’s commitment to providing stable and reliable infrastructure, a cornerstone of any thriving economy. The city continues to excel in an era where the reliability of basic services like electricity and water can make or break business operations. These facts, once more, expose the naysayers’ claims as hollow and misleading.
The Business Ready 2024 report also highlights Hong Kong’s fifth-place ranking in operational efficiency, with a score of 78.52 points. This achievement is particularly significant because operational efficiency directly relates to how well businesses can function in each environment. Hong Kong’s advanced logistics, world-class transportation systems, and highly developed digital infrastructurecontribute to this high score. For anyone suggesting that Hong Kong is losing its competitive edge, this ranking serves as a direct rebuttal. It is a testament to the city’s resilience and ability to adapt to the changing needs of modern businesses.
While the Business Ready 2024 report is overwhelmingly positive, addressing those areas it does not fully capture is crucial. By its admission, the report does not reflect some aspects of Hong Kong’s business environment that contribute significantly to its attractiveness. For instance, it does not account for Hong Kong’s common law system, which provides a level of legal certainty and transparency unparalleled in many parts of the world. Nor does the report adequately highlight Hong Kong’s unwavering commitment to safeguarding gender equality, an essential aspect of creating an inclusive and forward-thinking business environment. These omissions, while important to note, do not detract from the overall message: Hong Kong remains an economic powerhouse, offering a business environment that is both efficient and inclusive.
Recent reports from other reputable international organizations further bolster this view. The World Competitiveness Yearbook 2024, published by the International Institute for Management Development (IMD), ranked Hong Kong fifth globally, with top rankings in international trade and business legislation. Such consistent recognition across multiple reports underscores Hong Kong’s enduring strength and competitiveness on the world stage. Meanwhile, the Global Financial Centres Index, released in September, placed Hong Kong third globally and first in the Asia-Pacific region. These rankings are not arbitrary; they are based on data-driven analyses of Hong Kong’s exceptional performance in the business environment, human capital, infrastructure, and rule of law.
It is also necessary to address the claims made by those who assert that Hong Kong’s global standing is in decline. These individuals often rely on selective data and unfounded rumors to paint a bleak picture of the city’s future. However, their arguments fall apart when faced with comprehensive reports like the Business Ready 2024. The data shows that Hong Kong excels in critical areas, from international trade to operational efficiency, casting doubt on the credibility of those detractors, who seem more interested in pushing a political agenda than engaging in the facts. Their attempts to undermine Hong Kong’s reputation are misleading and disrespectful to the hardworking individuals and businesses contributing to the city’s success.
ALSO READ: HK remains Asia’s top financial center despite attempts to wish it away
In contrast to those baseless criticisms, the evidence presented in the Business Ready 2024 report is firmly grounded. It highlights the city’s strengths and offers constructive feedback on possible improvements. For instance, while Hong Kong excels in regulatory efficiency and operational infrastructure, there is room for environmental sustainability and public services growth. The Hong Kong Special Administrative Region government has already acknowledged these areas and is actively working to address them, demonstrating a commitment to continuous improvement rather than complacency. This proactive approach is another reason Hong Kong remains one of the most important global financial hubs.
The Business Ready 2024 report affirms Hong Kong’s continued relevance and strength in the global economy. It highlights the city’s achievements and provides a strong counternarrative to those who have sought to undermine its reputation. Hong Kong’s business environment remains one of the most efficient and competitive in the world, and its role as a global financial hub is as critical as ever. The facts, the data, and the evidence all point in one direction: Hong Kong is here to stay, and its future is as bright as ever.
The author is a solicitor, a Guangdong-Hong Kong-Macao Greater Bay Area lawyer, and a China-appointed attesting officer.
The views do not necessarily reflect those of China Daily.
