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HK ranked 2nd most competitive economy

By Jia Xu (chinadaily.com.cn)
Updated: 2010-05-21 14:59

Hong Kong ranks as the world's second most competitive economy, following Singapore, according to the 2010 Global Competitiveness Report (GCR). The report was released by the International Institute of Management Development (IMD) in Lausanne, Switzerland, on May 19, 2010, the People's Daily reported.

The United States dropped to third, and the Chinese mainland went up two places from 2009 to No 18.

It is the first time Asia took the top two positions over the US. The new rising Asian economies are blessed by its economic recovery, according to the report.

IMD pointed out that the report was conducted following a comprehensive standard, including economic performances, science and technology development, life quality and environmental substantiality.