HK ranked world's freest economy for 19th consecutive year
HONG KONG, Jan 10, 2013 (Xinhua via COMTEX) --
Hong Kong's acting Financial
Secretary K C Chan on Thursday welcomed the ranking of Hong Kong
as the freest economy in the world for the 19th consecutive year.
According to the 2013 Index of Economic Freedom released by the
U.S. Heritage Foundation and the Wall Street Journal, Hong Kong
scored 89.3, well above the global average of 59.6.
Among the 10 economic freedom factors assessed, Hong Kong
maintains its top position in trade and financial freedom, stays
second in investment freedom and property rights, and rises from
third to second in business freedom.
The report said Hong Kong's highly competitive regulatory
regime which, coupled with an efficient and transparent legal
framework, sustains vibrant engagement in global trade and
In addition, the highly motivated and skilled workforce is a
cornerstone of strength for the dynamic economy, and there is
little tolerance of corruption in Hong Kong.
Noting that Hong Kong's economic interaction with the Chinese
mainland has become more intense and sophisticated, and trade and
financial linkages with the mainland have grown significantly, the
report said Hong Kong continues to demonstrate a high degree of
economic resilience and remains one of the world's most
competitive financial and business centers.
Chan said the city government is determined to uphold economic
freedom in Hong Kong, which is the cornerstone of sustained
economic stability, growth and prosperity.
"The government will continue to provide a business-friendly
environment for firms to flourish, while establishing an
appropriate regulatory regime to ensure the integrity and smooth
functioning of the free market," he added. "We also strive to
remove impediments to industries tapping into new markets."
The report gauged the degree of economic freedom of more than
150 economies around the world. The 10 factors assessed are
business freedom, trade freedom, fiscal freedom, government
spending, monetary freedom, investment freedom, financial freedom,
property rights, freedom from corruption and labor freedom.
Singapore and Australia are ranked second and third in the 2013
Index of Economic Freedom.
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