HONG KONG: The special administrative region (SAR) has been named the country's most competitive city for the third consecutive year in an annual study by the China Institute of City Competitiveness.

However, the report said the city was also facing a shortage of resources and manpower that might affect its future development.

The institute studied the competitiveness of 289 cities in terms of their business and financial market development, educational levels and technological advancement, among other things.