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| No.5 October, 2011 |
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Economic freedom part of Hong Kong's DNA |
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 Hong Kong was once again ranked by the Fraser Institute as No. 1 in the world in terms of economic freedom, a position it has held for more than three decades.
Speaking at a gala dinner co-hosted by the Fraser Institute and the Lion Rock Institute in Hong Kong, Donald Tsang, Chief Executive of the Hong Kong Special Administrative Region, welcomed Hong Kong's ranking and emphasized that it was important for an externally-oriented economy such as Hong Kong to remain true to free and open markets.
Mr Tsang said, "The Fraser Institute last held its gala dinner here in 2008, at the height of the global financial crisis. In fact, it was in the same week that Lehman Brothers filed for bankruptcy in the US – a decision that only deepened the sense of gloom that was being felt in world markets at that time.
"Three years on, we are still feeling the aftershocks of the worst global financial crisis since the Great Depression. Some economists are predicting a double-dip recession, which I am sure we all hope does not eventuate, but for which we must be well prepared.
"In such testing times, it is important for an externally-oriented economy such as Hong Kong to remain true to our philosophy. That means strong fiscal discipline, low taxes, open markets, free flow of information, goods and capital, clean government and a level playing field for business.
"The fact that we have held true to these beliefs for decades is no doubt one reason why Hong Kong has consistently ranked so highly in the league tables of economic freedom. As the old saying goes: 'If it ain't broke, don't fix it.'
"Despite the global turmoil, Hong Kong today is doing quite well. We are looking at 5% to 6% growth this year in GDP. Trade remains strong, the retail sector is doing very well and our unemployment level is low by global standards – it's now at 3.2%, almost equivalent to full employment. We do have concerns about higher inflation and asset price bubbles and we are keeping a very close watch on both of these areas …"
To view the whole speech: http://www.info.gov.hk/gia/general/201109/20/P201109200154.htm |
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