New York City has been named the most competitive city in the world with Seoul not far behind in tenth.

According to The Global Urban Competitiveness Report 2011-2012 released by the Chinese Academy of Social Sciences, Hong Kong’s daily Ming Pao reported that New York is the world’s most competitive city, followed by London, Tokyo and Paris.

Hong Kong ranked ninth and was the only Chinese city to make the top ten.

Last year, Seoul ranked ninth and Hong Kong ranked tenth.