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| Hong Kong remains the world’s freest economy, according to the 2009 Index of Economic Freedom. |
Hong Kong’s ranking as the world’s freest economy remains unchallenged for the 15th consecutive year in the 2009 Index of Economic Freedom, jointly published by The Heritage Foundation and The Wall Street Journal.
Financial Secretary John C. Tsang said the Hong Kong government will continue its role as a facilitator. “We provide a business-friendly environment where all firms can compete on a level playing field and establish an appropriate regulatory regime to ensure the integrity and smooth functioning of a free market,” Mr. Tsang said.
According to the report, Hong Kong received a score of 90 on a 100-point scale — 0.3 points better than 2008; the world average score is 59.5.
Among the 10 individual areas assessed, Hong Kong ranks first in trade freedom, investment freedom and financial freedom. Hong Kong also ranks in the top 10 in three other areas: business freedom, monetary freedom and property rights.
Hong Kong Commissioner to the United States Donald Tong welcomed the index’s findings, saying, “I am happy to learn that once again Hong Kong’s commitments to free-market principles and sound economic policy have been recognized. Our devotion to free trade and the rule of law, coupled with Hong Kong people’s vibrant entrepreneurial spirit, have allowed Hong Kong to prosper and emerge as one of the world’s leading financial and banking centers.”
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Hong Kong Chief Executive Donald Tsang (left) said he was thrilled to learn that Hong Kong has been ranked the freest economy in the world for the 15th consecutive year by the Heritage Foundation. Presenting a copy of the foundation's 2009 Index of Economic Freedom study is President of the Heritage Foundation Dr. Edwin Feulner. |
In its summary findings on Hong Kong, the index reports Hong Kong’s tax rates are highly competitive, business regulation is straightforward, the labor market remains flexible and property rights are protected by an “independent and corruption-free judiciary.”
The 2009 Index of Economic Freedom measures the degree of economic freedom of 179 economies across the following 10 categories: business freedom, trade freedom, fiscal freedom, government size, monetary freedom, investment freedom, financial freedom, property rights, freedom from corruption and labor freedom.
Singapore retained second place, followed by Australia, Ireland, New Zealand and the United States.
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