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Hong Kong rises to No.2 globally in competitiveness

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HONG KONG SAR – Media OutReach Newswire – 18 June 2026 – Hong Kong jumped one place to become the world’s second most competitive economy, according to the 2026 World Competitiveness Ranking published today (June 18) by the Swiss-based International Institute for Management Development (IMD). It is Hong Kong’s highest ranking since 2019, and builds on three consecutive years of improvement.

Welcoming the report, a spokesperson for the Hong Kong Special Administrative Region (HKSAR) Government said, “The World Competitiveness Yearbook (WCY) 2026 reaffirms Hong Kong as one of the most competitive economies in the world, and notes that Hong Kong’s rise to second sustains the strong upward trajectory from 2024 and 2025.”
In announcing the results, the IMD noted that, amid rising geopolitical tensions, competitive advantage hinges on credible institutions, predictable rules, enforceable commitments and public trust.

According to WCY 2026, Hong Kong’s rise reflects sustained performance across the four competitiveness factors measured. Among these factors, Hong Kong ranks second in “Government efficiency” and third in “Business efficiency”. “Infrastructure” and “Economic performance” rank eighth and 11th respectively.

As regards the various competitiveness sub-factors, Hong Kong tops the rankings in “Tax policy” and “Business legislation”, ranks second in “Finance”, third in “International trade”, “International investment”, “Management practices” and “Education”, and fourth in “Public finance” and “Basic infrastructure”.

“In the competitiveness factor ‘Government efficiency’, Hong Kong continues to rank second globally, reflecting the HKSAR Government’s ongoing efforts to promote free and open, stable, predictable and business-friendly economic policies, as well as the international community’s trust in Hong Kong’s legal and regulatory environment,” the spokesperson said.

“Hong Kong’s ‘Business efficiency’ is ranked third globally, reflecting the strong support for industry development rendered by our robust financial ecosystem, as well as the seamless alignment of the city’s business practices and environment with international best standards.”

Amid rapidly evolving geopolitical dynamics, Hong Kong, with its close connectivity to both the Chinese Mainland and the world under the “one country, two systems” principle, and its sound institutions, open markets and sustained investments in innovation, has become a “value hub” that offers both security and growth opportunities.

In fact, Hong Kong continues to excel in various international rankings including those for economy, finance, and talent. The International Monetary Fund has also given positive recognition to Hong Kong in recent months, and major credit rating agencies have successively reaffirmed Hong Kong’s credit ratings and ‘stable’ outlook.

“All these echo the WCY 2026 results,” the spokesperson said.

Currently, Hong Kong is formulating at full speed its first Five-Year Plan, to proactively align with the National 15th Five-Year Plan.

“With the staunch support of our country, the HKSAR Government will work together with all sectors of society to strengthen our role and function as a ‘super connector’ and ‘super value-adder’, with a view to better integrating into and serving the overall national development, achieving our own high-quality development, creating more new room for development for our people and businesses, as well as opening up new opportunities for global investors and enterprises,” the spokesperson said.

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2026 Hainan Cultural and Tourism Promotion Events Held in Hong Kong

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HONG KONG SAR – Media OutReach Newswire – 18 June 2026 – On June 16, the 2026 Hainan Cultural and Tourism Promotion Events, under the theme of “Sunny Hainan · Heart’s Desire,” were held in Hong Kong. Leaders from Hong Kong’s cultural and tourism authorities, heads of industry associations, and representatives of key cultural and tourism enterprises from home and abroad gathered to explore new opportunities for cooperation and draw up a blueprint for the industry’s future.

Liu Xiaoming, Governor of the People’s Government of Hainan Province, and Cheuk Wing-hing, Deputy Chief Secretary for Administration of the Government of the Hong Kong Special Administrative Region, attended the events and delivered speeches. During the promotional session, Chen Tiejun, Director of the Department of Tourism, Culture, Radio, Television and Sports of Hainan Province, unveiled the “Top Ten Calling Cards of Hainan Tourism,” which received enthusiastic responses and positive feedback from various sectors in Hong Kong. Attendees from Hong Kong unanimously agreed that Hong Kong and Hainan boast highly complementary cultural and tourism resources and immense potential for cooperation.

Since the launch of special customs operations of the Hainan Free Trade Port, its distinctive opening-up advantages, such as “zero tariffs, low tax rates, a simplified tax system” and “tariff exemption for value-added processing,” have become increasingly prominent. These policies have continuously made Hainan more attractive to businesses and opened up broader opportunities for Hong Kong investors and entrepreneurs.

On the same day, at the “Invest in the Free Trade Port, Share New Opportunities” Symposium for Hong Kong Enterprises held in Hong Kong, four cooperation agreements were formally signed, covering high-end commerce, cultural and tourism integration, and regional industrial coordination. Hong Kong business representatives expressed strong interest in deepening their presence in Hainan.

Hainan and Hong Kong share a long history of cooperation, and in recent years, a steady stream of favorable policies has been introduced. Since the signing of the Hainan-Hong Kong Memorandum of Cooperation in March 2025, bilateral cooperation has accelerated across the board. In 2025, goods trade between the two sides reached RMB 9.35 billion, increasing by more than two times from 2020. A total of 793 new Hong Kong-funded enterprises were established in Hainan, a year-on-year increase of 21.5%. Hainan has also issued offshore RMB bonds in Hong Kong for four consecutive years, with a cumulative total of RMB 18 billion. Currently, an average of four direct flights operate daily between Hong Kong and Hainan, with the fastest travel time under two hours, facilitating the rapid emergence of the “Hainan-Hong Kong Living Circle.”

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Hong Kong universities scale global heights, cementing education hub status

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HONG KONG SAR – Media OutReach Newswire – 19 June 2026 – Hong Kong universities continue to excel on the international stage with five institutions ranked among the world’s top 100 and, for the first time, two in the top 20 of the 2027 World University Rankings published by Quacquarelli Symonds (QS) on June 18.

A spokesman for Hong Kong’s Education Bureau (EDB) said that with the Hong Kong Special Administrative Region (HKSAR) Government’s full commitment to developing Hong Kong into an education hub, coupled with the support of a series of policy measures, the city’s higher education system has again excelled.

Announcing the results, QS said in a press release that Hong Kong “emerges as Asia’s most improved higher education system for the second consecutive year, and the second most improved globally among systems with three or more ranked universities”.

The University of Hong Kong (HKU) maintained its position at 11th in the world; The Chinese University of Hong Kong (CUHK) rose 14 places to 18th; The Hong Kong University of Science and Technology rose 11 places to 33rd; and The Hong Kong Polytechnic University climbed four places to 50th, entering the world’s top 50 for the first time. Also among the top 100 is City University of Hong Kong, which improved 11 places to 52nd.

In the latest Best Global Universities Rankings published by the U.S. News & World Report just days ago, multiple Hong Kong universities also demonstrated exceptional international competitiveness, with 20 subjects placing in the global top 10. Notably, CUHK, HKU, and The Education University of Hong Kong swept the global top three spots for the Best Global Universities for “Education and Educational Research”, underscoring the city’s prowess in cultivating talents and conducting academic research.

“These achievements fully affirm the effectiveness of the HKSAR Government’s steadfast investment in education and its full support through the University Grants Committee (UGC) for institutions to continuously innovate, optimise, expand capacity, and enhance quality. The significant year-on-year rise in the overall rankings of our institutions further validates Hong Kong’s strong appeal as a premier hub for international high-end talent,” the EDB spokesman said.

“The stellar performance of UGC-funded universities in the international rankings is by no means accidental. On one hand, it relies on the tireless efforts of all institutions to actively recruit world-class scholars and invest in infrastructure. On the other hand, the HKSAR Government’s stable resource investment, clear and supportive policy guidance, as well as the rigorous quality assurance implemented through the University Accountability Agreements, are also of paramount importance.”

The Government will continue to promote the internationalisation and diversification of post-secondary education, which aims to not only enhance Hong Kong’s development momentum but also make proactive contributions to the nation’s development, the spokesman said.

The strength demonstrated by Hong Kong’s higher education system aligns perfectly with the strategic goals set out in the National 15th Five-Year Plan to build a leading nation in education, technology, and talent.

To support the post-secondary education sector to grow bigger and stronger, the Government has raised the admission ceiling for non-local students in taught programmes at funded post-secondary institutions to 50 per cent, and increased the over-enrolment ceiling for self-financing places in funded research postgraduate programmes to 120 per cent, among other measures.

Meanwhile, the Government is promoting the “Study in Hong Kong” brand. The Task Force on Study in Hong Kong, in collaboration with major institutions, is stepping up promotion of Hong Kong’s excellent academic, research, and international collaboration resources on the Chinese Mainland and overseas. It also aims to attract outstanding talent from all over the world through initiatives such as expanding the Belt and Road Scholarship.

 

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Under Mission 300, A New Way of Doing Business Connects Over 50 Million People to Electricity Across Africa

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Mission 300 is now delivering electricity access at nearly double the pace recorded at the initiative’s launch — proof that coordinated action can drive large-scale change

CAPE TOWN, South Africa, June 17, 2026/APO Group/ –The World Bank Group and the African Development Bank Group (www.AfDB.org) announced today that Mission 300 has connected over 50 million people to electricity across 40 countries — a major milestone toward the initiative’s goal of reaching an additional 300 million people by 2030.

Mission 300 is now delivering electricity access at nearly double the pace recorded at the start of the initiative. By investing across the full energy value chain — from generation and transmission to last-mile distribution — it has driven gains in both on-grid and off-grid access, connecting households, businesses, and institutions to power faster than before.

In Tanzania, for example, 7.5 million people have gained access to electricity under Mission 300 — a five-fold increase in the average annual pace of electrification prior to the initiative — driven by increased financing and growing policy momentum. In Ethiopia, 4.6 million people have been connected, supported by reforms that made grid connections more affordable.

Where past efforts often worked in parallel, Mission 300 aligns governments, partners, and private sector investors around a single shared agenda. That coordination is what is driving faster results: stronger political commitment, deeper policy reform, and the mobilization of resources needed to accelerate electrification and deliver impact on the ground.

To date, the African Development Bank Group and the World Bank Group have committed nearly $15 billion in financing and attracted about $4.5 billion in co-financing for Mission 300-related projects, while additional development partners have pledged more than $7 billion in support of Africa’s energy sector.

Mission 300’s unique approach is also changing the conditions under which private investors participate in African energy markets. By combining government reforms with layered public financing — including grants, guarantees, and concessional loans — the platform is mitigating risks for private providers to serve communities that were previously too costly or difficult to serve.

Mission 300 is helping countries move faster, connect more people, and build a platform that will last well beyond this effort

In Nigeria, more than 4.5 million people have been connected through private sector-led initiatives, demonstrating how well-designed public support and partner financing can help create commercially viable markets.

To date, 30 countries have launched National Energy Compacts, country-led plans to strengthen energy systems, expand affordable power generation, scale renewable energy solutions, promote regional integration, and increase private sector participation. Additional compacts are expected to be launched by Burkina Faso, the Central African Republic, Djibouti, Gabon, Rwanda and Uganda at the Africa Energy Forum this week.

“Fifty million people connected is a milestone — but the bigger story is the pace and the partnership behind it. Mission 300 is helping countries move faster, connect more people, and build a platform that will last well beyond this effort — one others can use, build on, and scale for years to come. At the end of the day, electricity is not just about power. It is about what it enables: jobs, business, health care, education, and opportunity,” said Ajay Banga, President of the World Bank Group.

“The 50 million milestone is indeed commendable. This must become the launchpad for faster electrification to enhance food security on account of affordable irrigation; increase capacity to store medicines for better health outcomes, and spur more inclusive economic and social empowerment,” said Sidi Ould Tah, President of the African Development Bank Group. “Governments, partners, private sector, and others who comprise what has evolved into an M300 movement must double down to achieve access for 300 million people by 2030. We need all hands on deck – literally!

Partners are leaning into Mission 300

“Connecting over 50 million to electricity is a major milestone for Mission 300. It proves that African-led big bets, empowered by bold investment and partnership, can deliver results quickly and at scale,” said Rajiv J. Shah, President of The Rockefeller Foundation. “The Rockefeller Foundation, along with the Global Energy Alliance, has committed more than $100 million to Mission 300 because we know that every new connection means a family with new access to the jobs, education, and the dignity they deserve.”

“The 50 million milestone shows that Mission 300 is moving beyond ambition and delivering real results for people across Africa. These achievements reflect the strong political commitment and implementation capacity of African governments,” said Damilola Ogunbiyi, CEO and Special Representative of the UN Secretary-General for Sustainable Energy for All. “Together with our partners, Sustainable Energy for All will continue to support governments in implementing their National Energy Compacts and accelerating progress towards universal energy access by 2030.”

“Achieving electricity connections for 50 million people proves that we can move faster when public, private and philanthropic partners align behind country-led solutions,” said Woochong Um, CEO of Global Energy Alliance for People and Planet. “As Africa becomes home to the world’s largest young workforce, Mission 300 is the engine that will help power the jobs and economic growth the continent urgently needs.”

Launched in 2024, Mission 300 is a joint initiative of the World Bank Group and the African Development Bank Group supported by The Rockefeller Foundation, the Global Energy Alliance for People and Planet and Sustainable Energy for All, and a broad coalition of governments, development institutions, and private sector partners.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

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