Hong Kong has been ranked as the world's freest economy for the 14th consecutive year by the Heritage Foundation in its 2008 Index of Economic Freedom study, released this week.
According to the study, Hong Kong scores exceptionally well in almost all areas of economic freedom.
Among the 10 individual areas assessed, Hong Kong ranked first in trade freedom, investment freedom, financial freedom and property rights. Hong Kong also ranked in the top 10 in another four areas - fiscal freedom, government size, monetary freedom and labour freedom.
The report noted that Hong Kong's income and corporate tax rates were very competitive, and that overall taxation was relatively small as a percentage of GDP.
It also said that Hong Kong's business regulation was simple, the labour market was highly flexible, and investment in Hong Kong was strongly encouraged, with virtually no restrictions on foreign capital.
The foundation also complimented Hong Kong as one of the world's leading financial centres, with its regulation of banking and financial services both non-intrusive and transparent. The study noted that property rights were protected by an independent and virtually corruption-free judiciary.
Compared to Singapore, Hong Kong fares better with regard to trade freedom, fiscal freedom, investment freedom and financial freedom, while Singapore fares better in the areas of business freedom, government size, monetary freedom, freedom from corruption and labour freedom. Both Hong Kong and Singapore are ranked first in property rights.
Welcoming the report, Hong Kong Financial Secretary, John Tsang, announced that: "We are determined to uphold Hong Kong's position as the freest economy in the world."
"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," Mr Tsang explained.
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