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| No.1 February, 2011 |
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Hong Kong ranked world's freest economy for 17th consecutive year |
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Hong Kong has been ranked the world's freest economy by the Heritage Foundation for the 17th consecutive year since the Index of Economic Freedom was first published in 1995.
According to the 2011 Index of Economic Freedom released on January 12, Hong Kong scores 89.7, well above the world average of 59.7.
Among the 10 economic freedom factors assessed, Hong Kong ranks first in financial freedom and trade freedom, second in investment freedom and property rights, and third in business freedom and monetary freedom. |
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In its assessment the Heritage Foundation recognised Hong Kong's sound fiscal management which has helped Hong Kong weather the global economic downturn.
The Heritage Foundation also complimented Hong Kong's effective legal and regulatory frameworks, and its openness to global commerce, qualities which strongly support entrepreneurial dynamism, and it was equally impressed by the city's overall macroeconomic stability which minimises uncertainty for investors. Hong Kong has also maintained its status as Asia's second-largest destination for foreign direct investment, trailing only Mainland China.
The think tank noted that Hong Kong's economic interaction with Mainland China has become more intense and sophisticated, chiefly through strengthened financial linkages.
The study measures the degree of economic freedom of 179 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 labour freedom.
Hong Kong retains the position as the freest economy, while Singapore and Australia remain second and third respectively as compared with the 2010 index.
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