The institute notes that Hong Kong maintains its traditional strengths but Shanghai and Beijing are making great forward strides and are narrowing the gap with Hong Kong.
As Hong Kong encounters increasing global competition, it needs to raise its competitiveness, the report suggests. This may be achieved through the development of the value-added, knowledge-based economy and the high-end service industry and financial industry.
The institute released its 2011 competitiveness ranking of Chinese cities on Thursday.
With Hong Kong topping the list, Shanghai comes next. Beijing holds down third place. Shenzhen and Guangzhou are fourth and fifth, while Taipei is ranked ninth and Macao thirteenth.
Compared with mainland cities, Hong Kong maintains its edge in productivity, efficiency and talent for the short-term, said Gui Qiangfang, president of the institute.
At the same time, Hong Kong excels in competitiveness in terms of talent, business environment and social environment over other mainland cities.
But Gui noted Shanghai's total economic output exceeded that of Hong Kong in 2010.
The total economic output of Beijing, Shenzhen or Guangzhou will all surpass that of Hong Kong by 2013.
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