China climbs list of world’s most competitive economies, as Hong Kong and Singapore slide

China’s post-pandemic economic performance has been a driver of its improving global competitiveness, says the Swiss-based Institute for Management Development

Hong Kong saw a slight decline in its overall economic performance compared with last year, amid a worsening investment and employment environment

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China’s economy is getting more globally competitive due to the country’s successful handling of the pandemic, according to IMD. Photo: Xinhua

Published: 4:00pm, 17 Jun 2021Updated: 9:13pm, 17 Jun 2021

China’s economy is getting more globally competitive as a result of its success in managing the coronavirus pandemic, while Hong Kong’s has been dragged down by a deteriorating labour market and a decline in international investment, Switzerland’s IMD business school said in a report released on Thursday.

The Chinese economy came in at 16th in the 2021 IMD World Competitiveness Rankings, up from 20th last year, the biggest jump among Asian economies. Hong Kong was ranked at seventh, down from No 5.

China’s post-pandemic economic performance has been a key driver of its improving global competitiveness and its management of the virus contributed significantly to its higher ranking this year, said Christos Cabolis, chief economist at the International Institute for Management Development’s (IMD) World Competitiveness Centre.

China’s economy grew by 18.3 per cent in the first quarter of 2021 compared with a year earlier, the highest quarterly year-on-year growth since 1993, as the country rebounded from the worst of the pandemic early last year.

Cabolis said Asian economies, including China and Taiwan, were among those that had strong success in tackling the Covid-19 public health crisis, which helped to steady their business environments.