Hong Kong has been ranked as the world's second most competitive economy by the International Institute for Management Development in its World Competitiveness Yearbook 2015.
Financial Secretary John Tsang today welcomed the institute's high regard for the city.
"Hong Kong is highly competitive vis-à-vis most other economies in the world, especially in terms of government efficiency and business efficiency in which Hong Kong attains the top rank globally. This once again affirms the importance of our steadfast fiscal discipline, robust financial system, and favourable business environment," he said.
Mr Tsang added that the Government will continue to consolidate Hong Kong's institutional strengths and broaden the economic base on various fronts, and will strive to uphold the city's leading position as a key metropolitan city in the world.
In 2014, Hong Kong was ranked fourth most competitive economy. It came in second to the United States this year.
Hong Kong earned the top spot for government and business efficiency, while its infrastructure ranking climbed six places to 15th in the world.
