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Hong Kong ranks 3rd in global competitiveness

Hong Kong climbed two spots to rank third in the World Competitiveness Yearbook (WCY) 2025, published by the International Institute for Management Development, its first return to the global top three since 2019. The WCY 2025 finds that Hong Kong’s competitiveness has improved significantly, with a total competitiveness score of 99.2 out of 100, representing an increase of 7.7 points, the largest increase among the top 10 economies. Hong Kong rose to second globally on government efficiency and business efficiency. Its rankings on economic performance and infrastructure also improved to sixth and seventh, respectively. In key competitiveness sub-factors, Hong Kong tops the rankings on tax policy and business legislation; ranks second globally in international investment, education and finance; and third globally in international trade and management practices. Chief Executive John Lee said Hong Kong’s second-place ranking in business efficiency reflects business leaders’ positive views of Hong Kong’s competitiveness and strengths, including the rule of law, a simple tax system and low tax rates, and the free flow of capital, information, goods and talent.

Hong Kong to adopt international disclosure rules

The Hong Kong Special Administrative Region (HKSAR) Government welcomed the publication (Jun 12) of jurisdictional profiles by the International Financial Reporting Standards (IFRS) Foundation, confirming Hong Kong as one of the first jurisdictions to set a target of fully adopting the IFRS Sustainability Disclosure (ISSB) Standards. The Government said this demonstrates the city’s commitment to enhancing the transparency of information on sustainability in capital markets, enabling investors to make informed investment decisions. In Dec 2024, the Financial Services & the Treasury Bureau launched a Roadmap on Sustainability Disclosure in Hong Kong, which sets out Hong Kong’s approach to requiring publicly accountable entities (PAEs) to adopt the ISSB Standards, and provides a well-defined pathway for large PAEs to fully adopt these standards by 2028.

HKEX celebrates 25 years of connecting capital with opportunity

Hong Kong Exchanges and Clearing Limited (HKEX) marked its 25th anniversary, celebrating a quarter-century of innovation and global growth. Speaking at the commemorative event (Jun 20), Financial Secretary Paul Chan highlighted the need for greater internationalisation, urging HKEX to attract issuers from ASEAN, the Middle East and beyond. Mr Chan also called for the expansion into digital assets, including tokenisation and smart contracts to drive global financial innovation. He added that HKEX has positioned itself as the first in Asia to adopt the T+1 settlement cycle by year-end. In a congratulatory video message, Chief Executive John Lee hailed HKEX’s crucial role in facilitating Hong Kong’s rise as a “super connector” and “super value-adder”, playing a key role in strengthening financial integration between the Mainland and Hong Kong and reinforcing the city’s position as a premiere IPO destination. 

Biotechnology and academic ties with Boston promoted

The Director of the Hong Kong Economic and Trade Office in New York (HKETONY), Maisie Ho, visited Boston, Massachusetts, from June 15 to 17 to foster closer ties with the city’s biotechnology, research, and academic sectors. During her visit, she attended the BIO International Convention (BIO 2025) and joined key events promoting Hong Kong as a global biotech hub with the Hong Kong delegation, including representatives from the Hong Kong Science and Technology Parks Corporation and 16 of its leading biotech portfolio companies, top universities, as well as various government agencies.

While in Boston, Ms Ho also met with representatives of the academia at Harvard University and University of Massachusetts Boston to explore areas of mutual interests and promote Hong Kong's various talent admission schemes and the city’s commitment to become an international education and research hub. She also attended a reception hosted by the Mayor of Boston Michelle Wu for key international biotech leaders and stakeholders. 

Hong Kong rises in Global Startup Ecosystem Report

Hong Kong is rapidly emerging as a global startup powerhouse. According to The Global Startup Ecosystem Report 2025 (GSER 2025), Hong Kong surged, climbing 20 spots to rank 27th globally, entering the Top 40 for the first time. The report highlights a surge in high-value activity, with Hong Kong doubling the number of exits over US$50 million in GSER 2025 compared to the previous year’s report. Hong Kong saw its number of startups reach a record 4,694 in 2024, a 10% year-on-year jump. Explore the full report here.

Aristo Sham’s Van Cliburn Piano Competition victory celebrated in New York

The Director of the HKETONY, Maisie Ho, attended the press conference for the 17th Van Cliburn International Piano Competition, held in New York City (Jun 11), where she congratulated Hong Kong pianist Aristo Sham on his momentous and historic achievement, as the first-ever Hong Kong pianist to win this prestigious global competition. Remarking on his extraordinary achievement, Ms Ho said, “Aristo’s win at the Van Cliburn International Piano Competition is not only a personal triumph but also a source of immense pride for Hong Kong, further reinforcing Hong Kong’s reputation as a nurturing home for extraordinary musical talent. This historic milestone also highlights Hong Kong’s vibrant cultural legacy on the global stage and underpins Hong Kong’s positioning as an East-Meets-West cultural hub.”

Hong Kong Panorama returns to New York

With support from the HKETONY, the Hong Kong Panorama film series returns to the New York Asian Film Festival (Jul 11-27) with 10 Hong Kong films across genres including drama and thriller, with six North American premieres. This year, the festival will honour Ekin Cheng with the prestigious “Star Asia Award”, celebrating his iconic roles and remarkable career across film, music and television.  Rising talent Natalie Hsu will receive the “Screen International Rising Star Award”, for her standout performances in such films as Last Song For You, Cesium Fallout, and Fly Me To The Moon.

Hong Kong universities soar in world university rankings

Hong Kong universities continue to excel in the latest World University Rankings, published by Quacquarelli Symonds (QS), with five University Grants Committee-funded universities ranked among the world’s top 100, making Hong Kong the place with the highest concentration of top-ranked universities globally. The University of Hong Kong rose six places to 11th globally in the latest rankings, while the Chinese University of Hong Kong climbed four spots to 32nd, and the Hong Kong University of Science & Technology advanced three positions to 44th. The Hong Kong Polytechnic University and City University of Hong Kong also achieved outstanding results, ranking 54th and 63rd respectively.

Hong Kong welcomes over 20 million visitors Jan - May

Hong Kong recorded 4.08 million visitor arrivals in May, a 20% year-on-year increase. This brought the cumulative total to more than 20 million for the first five months of 2025, up 12% compared to the same period last year. The surge in May was attributed to the Labour Day Golden Week holidays in the Mainland and citywide events including large-scale concerts and meetings, incentives, conventions and exhibitions events.

Cathay Pacific ranks among world’s top 3 airlines

Cathay Pacific has been named as one of the world’s top three best airlines in the prestigious 2025 Skytrax World Airline Awards. The Hong Kong home-grown carrier also took home top honours for World’s Best Economy Class Airline for the second consecutive year and World’s Best Inflight Entertainment for the second time in three years. The awards are a strong testament to the airline’s commitment to exceptional service and customer experience.

Government rejects slanderous remarks

The HKSAR Government expressed (Jun 11) strong dissatisfaction and opposition against the slanderous remarks made by some Western countries, anti-China organisations and anti-China politicians regarding the case of Joshua Wong involving the Hong Kong National Security Law. It said that as the legal proceedings are ongoing, it is inappropriate to comment on case details. The HKSAR Government reaffirmed that law enforcement actions are evidence-based and conducted strictly in accordance with the law, regardless of the individuals’ political stance, background or occupation. The HKSAR Government reiterated that it will uphold the rights and freedoms of Hong Kong people in accordance with the law, so as to ensure the steadfast and successful implementation of the principle of “one country, two systems”

The Basic Law (BL) is the constitutional document of the HKSAR. It provides the guarantees to maintain our existing way of life, including socio-economic development, the rights and duties of Hong Kong people, the rule of law and other areas. The Basic Law was put into effect on July 1, 1997.

Q: Can foreign enterprises participate fully in Hong Kong’s economy?

A: Yes. Hong Kong welcomes and encourages the participation of foreign enterprises, and provides a level playing field for all. There are no foreign exchange controls in Hong Kong and no restrictions on the trading of gold, securities, futures and the like. The Basic Law stipulates that Hong Kong shall maintain the status of a free port, pursue the policy of free trade and safeguard the free movement of goods, intangible assets and capital. (BL Articles 112; 114; 115)