Hong Kong has been ranked theworld's most competitive economy for the second consecutive year,according to the International Institute for Management DevelopmentWorld Competitiveness Yearbook 2012 released Thursday.

Hong Kong's Financial Secretary John Tsang welcomed theinstitute's decision, saying "Hong Kong is highly competitivevis-a-vis most other economies in the world, especially in terms ofgovernment efficiency, business efficiency and macroeconomicperformance. In particular, openness to trade, rule of law, abusiness-friendly environment, sound fiscal policy, matureinstitutional framework, well-functioning financial market, andglobal city image are key factors underpinning Hong Kong's success."

The yearbook said Hong Kong maintained its top position,followed by the United States, Switzerland, Singapore andSweden.

Among the four competitiveness factors assessed, Hong Kongcontinues to take the lead in government and business efficiency,and remains fourth in economic performance. Enditem