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Hong Kong remains ranked as world's freest economy

Hong Kong is once again ranked as the world's freest economy.

Hong Kong once again ranks as the world’s freest economy, according to the 2016 Economic Freedom of the World report. The city obtained an overall rating of 9.03 out of 10, up 0.06 points from last year.

Hong Kong Commissioner to the United States Clement Leung welcomed the ranking saying, “The ranking once again demonstrates Hong Kong’s adherence to a free market system, a small yet highly efficient public sector and an open business environment for all.

“These attributes, buttressed by a commitment to the rule of law and an independent judiciary, have made Hong Kong a textbook case study on the benefits of free trade and free markets to economic development. We will continue to strengthen our core fundamentals to maintain the city’s vibrancy and competitiveness.”

Among the five broad areas of assessment, Hong Kong continued to hold high rankings in size of government, regulation and freedom to trade internationally.

The report is copublished by the Cato Institute, the Fraser Institute in Canada and more than 70 think tanks around the world.

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