Hong Kong's globalisation credentials received a boost with the release of Ernst & Young's index.
One of the big four accounting and consulting firms says that its Globalization Index 2011, released in co-operation with the Economist Intelligence Unit, shows that Hong Kong ranks highest among the 60 largest economies in the world for the second consecutive year.
The report draws on two sources of original research: a survey of 1,000 senior business executives worldwide, conducted late last year, canvassing their thoughts on globalisation, and the Globalization Index, which measures the world's 60 largest economies, according to their degree of globalisation relative to gross domestic product (GDP).
The indicators include openness to trade, capital movements, exchange of technology and ideas, labour movements, and cultural integration. Hong Kong ranks first in cultural integration, second in openness to trade and capital movements, ninth in exchange of technology and 12th in movement of labour.
Agnes Chan, regional managing partner, Hong Kong and Macau at Ernst & Young, says: 'Hong Kong has been regarded as one of the most important international financial centres and is playing a very significant role in the world. Hong Kong is the gateway for overseas investors to enter into and to invest on the mainland, as well as the springboard for Chinese enterprises to expand into the international market.'
Wilson Cheng, tax and business advisory services partner at Ernst & Young, says that despite uncertain economic times, globalisation continues. This is a trend that is expected to continue through 2015.