Chief Secretary Carrie Lam says Hong Kong's core values and traditional strengths are important aspects in maintaining its competitiveness.
These factors include the rule of law and an independent judiciary, a free market and a simple and low tax regime, a free press, the free flow of information, and an efficient and clean government, she said.
Speaking at the 16th Hong Kong Forum today Mrs Lam noted the city has risen to the world's second most competitive economy in the International Institute for Management Development's World Competiveness Yearbook 2015.
It has ranked as the freest economy in the world for 21 consecutive years by the Heritage Foundation, she said, adding it proves Hong Kong's core values and traditional strengths have not been undermined.
Mrs Lam said the Government will strengthen Hong Kong's competitiveness by focusing on the traditional pillar industries of financial services, trading and logistics, tourism and professional services.
Support will also be given to emerging economic activities, particularly innovation and technology, and creative industries to broaden the economic base.
Sustaining economic performance remains the top priority because, as the Chief Executive said, economic growth is essential for making improvements in the areas of livelihood, environment and education, she added.
