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Hong Kong Remains World's Freest Economy for 16th Consecutive Year
San Francisco (January 20, 2010) – A Hong Kong Special Administrative Region Government spokesman welcomed the Heritage Foundation's ranking of Hong Kong as the world's freest economy for the 16th consecutive year. Hong Kong has won the title since the index was first published in 1995.
"We are determined to uphold economic freedom in Hong Kong, which is the cornerstone of sustained economic stability, growth and prosperity.
"We see the role of the Government as that of a facilitator. We provide a business-friendly environment where all firms can compete on a level playing field, and establish an appropriate regulatory regime to ensure the integrity and smooth functioning of a free market.
"Our strategy is to remove impediments to industries tapping into new markets. We will adhere to the principle of 'Big Market, Small Government'," the spokesman added.
The Heritage Foundation released in its 2010 Index of Economic Freedom that ranks Hong Kong as the world's freest economy. Singapore remains in second place and Australia comes third.
According to the study, Hong Kong scores 89.7 this year, well above the world average of 59.4.
The Heritage Foundation recognized that Hong Kong's competitive tax regime, respect for property rights and flexible labor market, coupled with an educated and highly motivated workforce, have stimulated an innovative and prosperous economy.
The Heritage Foundation further complimented Hong Kong as one of the world's leading financial and business centers. The legal and regulatory framework for the financial sector is transparent and efficient. Business regulation is straightforward. Moreover, Hong Kong has maintained its status as Asia's second-largest destination for foreign direct investment.
The study measured the degree of economic freedom of 179 economies worldwide by assessing 10 factors: business freedom, trade freedom, fiscal freedom, government spending, monetary freedom, investment freedom, financial freedom, property rights, freedom from corruption and labor freedom.
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