"For instance, greater access to mobile technology in China has fostered the expansion of the 'sharing economy', which is expected to reach 10 percent of GDP by 2020," the report says.
The House of Lords is currently debating Prime Minister Theresa May's European Union withdrawal bill, the legislation needed to end Britain's membership of the bloc after more than 40 years.
Kenya inaugurated its diesel-powered standard gauge railway from the port city of Mombasa to the capital, Nairobi. Sun Ruibo / Xinhua
The report also praises Hong Kong's labor market, which is highly flexible and efficient, and an advanced macroeconomic environment that slightly lowered its inflation rate last year.
Asked for his advice to the US government on its oversight in the tech and innovation sectors, Isaac Applbaum of MizMaa Ventures said, "Leave us alone. Let us Jews to do what we do best. We're the capitalists. We understand the value and proposition of taking entrepreneurs and helping them grow."