Hong Kong Remains The World's Most Open Economy, According To Survey

by Mary Swire, Tax-News.com, Hong Kong

12 January 2004

Hong Kong has been found to be the world’s most liberal economy for the tenth consecutive year, according to the results of the "2004 Index of Economic Freedom" survey released by the Heritage Foundation last Friday.

Hong Kong's strengths as cited by the Heritage Foundation are its:

• duty-free port;
• very low level of government involvement in business activities;
• very low inflation;
• very low barriers to foreign investment;
• very low level of restrictions in banking and finance;
• low level of intervention in wages and prices;
• strong property rights;
• very low level of regulation; and
• low level of informal market activity.

"We see the role of the Government as that of a facilitator that provides a business-friendly environment where all firms can compete on a level-playing field," commented Hong Kong Financial Secretary Henry Tang.

"The Government will also maintain an appropriate regulatory regime to ensure the integrity and smooth functioning of a free market,” Tang declared, adding that:

"We will spare no effort in preserving our strengths and in further improving ourselves where we can."

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