Hong Kong Recognized Among Top 10 Economies in World Bank’s Business Ready 2024 Report

The World Bank Group (WBG) has ranked Hong Kong among the top 10 economies in its Business Ready 2024 Report. This recognition highlights the city’s robust international trade capabilities and efficient business infrastructure.

The Hong Kong government welcomed the report, calling it a testament to the city’s status as a global trading hub. The government emphasized that Hong Kong’s clear regulations for business entry and stable utility infrastructure played a significant role in securing its position on the list.

According to the report, which assesses the business environment across ten key topics and three pillars, Hong Kong performed exceptionally well in “International Trade” (90.77 points), “Business Entry” (85.49 points), and “Utility Services” (77.71 points). The city also ranked fifth in “Operational Efficiency,” with a score of 78.52 points.

The WBG highlighted Hong Kong’s minimal restrictions on international trade in services and its streamlined company registration process, underscoring the city’s role as a “super-connector” that facilitates global operations for overseas enterprises and supports Mainland Chinese companies in expanding internationally.

While the Hong Kong government praised the report, it acknowledged that some key aspects contributing to the city’s business environment were not fully reflected, including the legal system based on common law, strong rule of law, and gender equality initiatives. The government plans to engage with the WBG to address these factors and improve future assessments.

In addition, the government stated that it will closely review the report’s findings and work with business stakeholders to further enhance Hong Kong’s business-friendly environment.

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