Hong Kong's overall competitiveness ranking slips

Hong Kong ranked sixth among the major cities and provinces in China in terms of comprehensive competition in 2014, one step back because of slow economic growth in the recent decade, a newly released report said on Wednesday.

Hong Kong possesses obvious advantages for its leading position in international finance, foreign trade and global tourism, as well as for its role as a computer information center. Thus, it ranked first for business competitiveness in 2014, the China Institute of City Competitiveness in Hong Kong announced on Wednesday.

However, cities on the Chinese mainland such as Beijing, Shanghai and Shenzhen have expanded quickly, and their economic growth outdid Hong Kong in recent years.

The gap in economic strength between Hong Kong and these cities has therefore narrowed, making Hong Kong lose one place this year for comprehensive competition, according to a report from Xinhua News Agency on Thursday.

The eastern and southern provinces of Guangdong, Jiangsu, Shandong and Zhejiang scored the top four, in that order, followed by Shanghai.

The institute estimated that the economic growth rate of Hong Kong in the second half of the year will be between 2.9 to 3.2 percent, if its socioeconomic structure remains the same and no huge changes occur in its policies.