Hong Kong Business News

Hong Kong ranks seventh globally in the latest World Digital Competitiveness Ranking (WDCR) 2024 published by the International Institute for Management Development, up three places from last year, the Government announced today.

Among the three factors in WDCR 2024, Hong Kong continued to perform well in technology and knowledge, ranking third and fifth respectively. The city’s ranking in future readiness also improved.

The Government noted that WDCR 2024 recognised that Hong Kong remains one of the most digitally competitive economies in the world.

It said the National 14th Five-Year Plan indicates clear support for Hong Kong's development into an international innovation and technology (I&T) centre.

As home to five of the world’s top 100 universities, Hong Kong possesses world-class research and development capabilities and I&T infrastructure, as well as a diverse talent pool, the Government added.

The city’s thriving startup ecosystem, its free, open and fair business environment, as well as a simple tax system with low tax rates, together with strong policy support position Hong Kong favourably to attract strategic enterprises and top talent from around the world.

The Government also pointed out that Hong Kong’s abundant networks and opportunities available, as well as the synergies with sister cities in the Guangdong-Hong Kong-Macao Greater Bay Area, further enhance the city’s appeal as a leading destination for I&T.

In addition, the Chief Executive announced a series of measures aimed at building a more comprehensive I&T ecosystem in Hong Kong in his 2024 Policy Address.

Such initiatives include establishing the third InnoHK research cluster, drawing up a medium-to-long-term plan for the development of new industrialisation, setting up a HK$10 billion I&T Industry-Oriented Fund, optimising the I&T Venture Fund and launching the Pilot I&T Accelerator Scheme.     

The Government will continue to enhance the I&T infrastructure, including the first-phase facility of Cyberport's Artificial Intelligence (AI) Supercomputing Centre which will commence operation shortly, and the $3 billion AI Subsidy Scheme now open for applications.

Going forward, the Government said it will continue to collaborate with various sectors of society to further enhance Hong Kong's I&T ecosystem, thereby upholding the city’s competitive edge in the global market and injecting new impetus to economic development.

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