Hong Kong File Photo: Xinhua

With the Hong Kong Special Administrative Region (HKSAR) being ranked as the fifth most competitive place in the world in the latest World Competitiveness Yearbook released on Wednesday, the HKSAR government said the city's competitiveness is underpinned by its institutional strengths under the "one country, two systems" principle.

The yearbook was released by the International Institute for Management Development, which takes into account various factors such as government efficiency, business efficiency and economic performance. Hong Kong's ranking in terms of business and infrastructure climbed and its business and law factors ranked as top worldwide, according to media reports. 

Also, in terms of the public fiscal policy and international investment, the Chinese city's rankings were among the top three, HK01.com reported. 

Hong Kong's competitiveness is underpinned by our institutional strengths under "one country, two systems" principle, including the rule of law and judicial independence, free flow of capital, a free trade and investment regime, a simple and low tax system, a favorable business environment and an efficient government, a spokesperson from the HKSAR government said. 

The HKSAR government is committed to further enhancing the city's  competitiveness amid keen global competition, the spokesperson said, affirming his confidence in Hong Kong's long-term economic development and competitiveness.

Under the principle of "one country, two systems", Hong Kong will continue to play its unique roles as a gateway, springboard and intermediary, and actively integrate into the development of China and seize the opportunities arising from the 14th Five-Year Plan (2021-25) and national development plans such as the Greater Bay Area development and the Belt and Road Initiative, the spokesperson noted.