Hong Kong has repeated last year's failure to beat Singapore in the annual race to be the most competitive location in the world. The territory came in second in the annual Global Competitiveness report produced by the World Economic Forum, praised for its 'open financial markets, corruption-free civil service, superb infrastructure,' and 'highly educated labour force'. The report would not make any comments on how Hong Kong might perform in the future. For overall trade openness, the territory was the top-ranked location out of 53 countries, and adjudged to have the best outward orientation and the highest degree of liberalisation in external trade and investment regime. It also came top in terms of infrastructure. But in an evaluation of research and development, technology, and accumulated knowledge capital, Hong Kong came 21st. It ranked fourth in a measurement of finance that accounted for the efficiency of 'channelling savings into productive investment'. A test of the soundness of legal and social institutions in Hong Kong, including rule of law and the protection of property rights, earned it a ranking of 19th, whereas Singapore came ninth. The quality of Hong Kong's business management fared poorly. It was ranked 13th.