Financial Secretary Paul Chan on 16 February welcomed the Heritage Foundation’s ranking of Hong Kong as the world’s freest economy for the 23rd consecutive year.
According to the foundation’s 2017 Index of Economic Freedom Report released yesterday, Hong Kong scored 89.8 out of 100, well above the global average of 60.9.
Among the 12 components measured in the report, Hong Kong achieved high scores of 90 or above in eight components and attained the top positions in fiscal health, trade freedom and financial freedom.
Hong Kong’s overall score increased after two years of decline and its lead over Singapore, the second freest economy, has widened further.
The foundation recognized Hong Kong’s sound legal system, low tolerance for corruption, effective regulatory systems and open markets.
“On top of maintaining our favourable business environment, free trade, simple and low tax regime, the rule of law and independent judiciary, the Government will also strive to enhance our financial infrastructure and foster closer economic co-operation with major trading partners, so as to strengthen Hong Kong’s leading position as an international city.”