Hong Kong ranked the world’s freest economy

The Mainland meanwhile ranked 138th out of 179 economies.

A report by the Information Services Department said that according to the 2012 Index of Economic Freedom released on 12 January 2012, Hong Kong scored 89.9 out of 100, with world average at 59.5.

“Of the 10 economic freedom factors assessed, Hong Kong ranked first in financial and trade freedom, second in investment freedom and property rights, and third in business freedom,” said the report.

The Information Services Department further said:

The Heritage Foundation commended Hong Kong's tax system as simple and efficient. It considered monetary stability well maintained in the city. It also noted Hong Kong's economic interaction with the Mainland has become more intense and sophisticated.

The study ranked the degree of economic freedom of 179 economies around the world. Singapore and Australia remained second and third.

View the Index here.