HKSAR Government responds to World Bank Group Business Ready 2025 Report
The World Bank Group published the second pilot Business Ready 2025 Report (Report) on December 29. The Report analyses the overall performance of economies under three pillars (Note 1) involving ten topics (Note 2) and assesses their business environment accordingly. The number of economies assessed is expanded from 50 economies last year to over 100 this year. According to the Report, among the three pillars, Hong Kong remains in the top 20 in "Operational Efficiency" and in the second quintile in "Regulatory Framework" and "Public Services".
"Some assessment results of the Report, such as those relating to 'International Trade', 'Financial Services', 'Dispute Resolution' etc., differ from the rankings and highly positive evaluations bestowed upon Hong Kong by many other international organisations. We note that the assessment methodology of the Report may result in an outdated and unfair comparison. Taking the pillar of 'Operational Efficiency' as an example, some of the data used to assess Hong Kong were collected shortly after the pandemic in 2023, while some of the data used for other economies' assessment were collected in 2024," a Hong Kong Special Administrative Region (HKSAR) Government spokesman said.
"This year's report is still under the pilot phase and may have room for improvement on the assessment methodology and data comparability. The HKSAR Government will maintain communication with the World Bank Group to fully explain Hong Kong's business environment and relevant policy measures. The HKSAR Government will also raise constructive feedback, striving to optimise the compilation of the Report," the spokesman said.
Note 1: The three pillars include "Regulatory Framework", "Public Services" and "Operational Efficiency"
Note 2: The ten topics are "Business Entry", "Business Location", "Utility Services", "Labor", "Financial Services", "International Trade", "Taxation", "Dispute Resolution", "Market Competition" and "Business Insolvency".
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