Performance overview: Hong Kong SAR
Ranked for the fifth consecutive year in the top 10, Hong Kong SAR (9th, down two) achieves a strong and consistent performance: it ranks no lower than 33rd in any of the pillars and features in the top 10 of seven of them.31 It tops the infrastructure pillar for the seventh time, reflecting the outstanding quality of its facilities across all modes of transportation. Its financial sector (4th) is very well developed, highly sophisticated, trustworthy, and stable. Hong Kong’s domestic market is highly competitive, efficient, and one of the most open in the world. Its labor market is among the world’s most flexible and efficient (3rd worldwide). Finally, Hong Kong is hyper-connected and it boasts some of the highest rates of Internet use and mobile telephony penetration. Its business community is also highly sophisticated (17th). The challenge for Hong Kong is to evolve from one of the world’s foremost financial hubs to become an innovative powerhouse: with the exception of the market size pillar (33rd), innovation remains the weakest aspect (27th) of Hong Kong’s performance and the business community consistently cites the capacity to innovate as their biggest concern.