Hong Kong is again world's freest economy

Hong Kong has again been cited as the economy that offers the highest level of economic freedom worldwide.

The Economic Freedom of the World: 2012 Annual Report co-published by the Cato Institute, Canada's Fraser Institute and think tanks around the world showed Hong Kong leading the ranking of 144 countries and economies. It said Hong Kong offers the highest level of economic freedom worldwide, with a score of 8.90 out of 10. Behind Hong Kong were Singapore (8.69), New Zealand (8.36), and Switzerland (8.24).

Donald Tong, Hong Kong Commissioner, USA, welcomed the ranking and said that it was essential for an externally-oriented economy such as Hong Kong's to remain devoted to free-market philosophy.

He said "it has been imperative for Hong Kong to adhere to free trade, open markets, low taxes and prudent fiscal policies. Hong Kong's commitment to free-market principles, as well as the rule of law, has facilitated our emergence as a leading international financial, trade and logistics center."

"I am pleased that the Cato Institute, in conjunction with other prominent research institutions, has once again acknowledged Hong Kong's commitment to these core values."

The report uses 42 different measures to create an index ranking economies around the world based on policies that encourage economic freedom. Economic freedom is measured in the following five broad categories: (1) size of government; (2) legal structure and security of property rights; (3) access to sound money; (4) freedom to trade internationally; and (5) regulation of credit, labor and business.

Also Read

HKMA reports 2.2% rise in total bank deposits

Gov’t proposes fire safety penalty hike

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit