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Mayor Proclaims Hong Kong Day
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Cyberport & Banff Centre Collaborate
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Economy Ranked World's Freest
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Year for Investment Promotion in HK
HK:
Launch Pad for Atlantic Canada & Quebec
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in Human Capital Essential
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Capsule
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For the 12th year running, the Heritage Foundation’s Index of Economic Freedom study has ranked Hong Kong as the world’s freest economy.
In welcoming the report, released January 4, 2006, Hong Kong’s Financial Secretary, Mr Henry Tang, said it demonstrated that Hong Kong's efforts to uphold a free market had again been recognized and reaffirmed by the international community.
Among the list of Hong Kong's virtues named by the foundation are: its free port with no barriers to trade; low level of government intervention; high degree of transparency; the rule of law; streamlined and uniformly applied business regulations; strictly enforced yet non-burdensome labour regulations, simple procedures for investing and running businesses; free capital flows and foreign investment; and minimum restrictions in banking and finance.
The study looked at 157 economies worldwide, measuring their score on a list of 50 independent variables grouped into 10 broad factors of economic freedom. Hong Kong was ranked first in six out of these 10 broad factors with an improved overall score compared with the previous year.
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