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Latest News

Hong Kong ranked world’s freest economy for 23rd consecutive year

17 Feb 2017

Hong Kong has once again beat key rival Singapore to be ranked the world’s freest economy by a US think tank for the 23rd consecutive year.

The city scored 89.8 out of 100 points in the annual index of economic freedom compiled by the Heritage Foundation, up by 1.2 points from last year, beating Singapore by 1.2 points and edging the island nation to second place.

North Korea was rated the least free economy, with only 4.9 points, while China was ranked 111th with 57.4 points, up 5.4 points. Taiwan clinched 11th place with 76.5 points, up 1.8 points. A total of 180 economies were rated in the report

Financial Secretary Paul Chan Mo-po welcomed the news on Thursday, saying the report, released on 15 February, showed that the government’s commitment to safeguarding free market principles had once again been affirmed.

“On top of maintaining our favourable business environment, free trade, simple and low tax regime, rule of law and independent judiciary, the government will also strive to enhance our financial infrastructure and foster closer economic cooperation with major trading partners, so as to strengthen Hong Kong’s leading position as an international city,” he said in a statement.

This year, the city’s overall score improved after two years of decline, thus widening its lead over long-time rival Singapore.

Source: SCMP