Hong Kong's Financial Secretary, John Tsang, has welcomed the Heritage Foundation's ranking of the territory as the world's freest economy for the 15th consecutive year.
Tsang said the government is determined to uphold Hong Kong's free-economy status, remarking:
"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."
The Heritage Foundation released its 2009 Index of Economic Freedom study on January 13. The study covered 179 economies worldwide after assessing them on 10 economic freedom factors.
Hong Kong retained its position as the freest economy in the world, followed by Singapore and Australia. Hong Kong scored 90 this year, 0.3 point better than last year, well above the world average of 59.5.
The city ranked first in trade freedom, investment freedom and financial freedom. It also ranked in the top 10 in another three areas: business freedom, monetary freedom and property rights.
The Foundation's study said Hong Kong's institutional strengths had allowed it to achieve high levels of prosperity reinforced by vibrant entrepreneurial activity.
In particular, it noted that the city's income and corporate tax rates were very competitive, and overall taxation was relatively small as a percentage of GDP, adding Hong Kong's business regulation was straightforward, and the labour market was flexible.
The foundation said Hong Kong was one of the world's leading financial centres, and the regulation of banking and financial services was transparent and efficient. Property rights were well protected by an independent and corruption-free judiciary.
According to the findings of the Heritage Foundation, when compared with Singapore, Hong Kong fares better in trade freedom, fiscal freedom, investment freedom and financial freedom, while Singapore fares better in business freedom, government size, monetary freedom, freedom from corruption and labour freedom.
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