HONGKONG'S economic position is being threatened by other cities on the mainland as well as the region, says Hongkong 21.
Taiwan, says the report, is a strong contender for Hongkong's regional role, while Singapore remains its single most dangerous competitor for international business.
Should Taiwan shift its emphasis away from domestic progress, it would threaten Hongkong's position, concludes the report.
Once China and Taiwan establish direct trade and transport links, much of the billions of dollars of Taiwanese trade that passes through Hongkong to China will be gone.
Hongkong 21 argues that Singapore's infrastructure, quality of life and highly-educated workforce, as well as cheaper land and labour, give it some real advantages.
The island state is an aggressive competitor for non-China business, but as its relations with China develop, Southeast Asian businesses may use Singapore as their gateway to the mainland.
