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Monday, May 30, 2016, 16:43

HK regains crown of most competitive economy

By Sophia Luo

HONG KONG - Hong Kong has regained the top spot after three years on the list of the world’s most competitive economies, beating out Switzerland and the US.

The 2016 World Competitiveness Ranking from the International Institute for Management Development (IMD) places Hong Kong at No 1, followed by Switzerland, with the US at third.

The IMD survey placed Hong Kong atop its ranking of 61 economies on the basis of the city’s commitment to “encourage innovation through low and simple taxation, and impose no restrictions on capital flows”.

Hong Kong topped the IMD ranking back in 2012, but lost out to the US for the next three years.

However, the Swiss-based business school’s findings stand in stark contrast to an annual report released by the central government-backed Chinese Academy of Social Sciences, which named Shenzhen as the country’s most competitive city, knocking Hong Kong off the top spot for the second time in a row.

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