BUSINESS Hong Kong ranked the world's freest economy for 25th consecutive year by US think tank

BUSINESS

Hong Kong ranked the world's freest economy for 25th consecutive year by US think tank

By Zhan Huilan | People's Daily app

21:32, January 28, 2019

Hong Kong has been ranked the world's freest economy for the 25th consecutive year by the Heritage Foundation, a US think tank based in Washington, DC, in its 2019 Index of Economic Freedom report.

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Aerial view of Hong Kong at night, Nov. 7, 2018. (Photo: VCG)

With an overall score at 90.2 out of 100, same as last year, Hong Kong once again became the world's only economy that scored higher than 90, according to the report.

Paul Chan, financial secretary of the Hong Kong Special Administrative Region, said this achievement reaffirms the government's commitment to maintaining free market principles over decades.

Hong Kong's economic resilience, high-quality legal framework, low tolerance for corruption, high degree of government transparency, efficient regulatory framework and openness to global commerce are recognized by the Heritage Foundation in the report. 

The Heritage Foundation graded Hong Kong 90 or higher in eight factors out of 12, including property rights, government spending, tax burden, fiscal health, business freedom, trade freedom, investment freedom and financial freedom.

"The free market principle has always been the cornerstone of Hong Kong's economy," Chan said. "Hong Kong's government will continue to uphold Hong Kong's fine tradition of the rule of law, maintain a simple and low tax system, improve government efficiency, safeguard the open and free trade system and build a fair competition environment, so as to create a favorable environment for businesses in Hong Kong and promote Hong Kong's economic growth."

Hong Kong has had a high score among over 180 countries and regions since the Heritage Foundation started delivering the index report in 1995, the think tank's website showed. 

(With input from Xinhua)

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