Hong Kong: World’s Freest Economy 

Hong Kong remains the world's freest economy, according to the "Economic Freedom of the World: 2005 Annual Report" jointly released on September 8 by the Fraser Institute of Canada and the Cato Institute of the United States. 

The Financial Secretary of the Hong Kong Special Administrative Region, Mr Henry Tang, said he is pleased the international community has reaffirmed Government’s upholding of keep Hong Kong as a free market economy.

“With free competition and open market being our entrenched policy, Hong Kong will continue to practice the ‘Market Leads, Government Facilitates’ principle,” said Mr Tang.

The Director of the Hong Kong Economic and Trade Office (Canada), Mr Bassanio So, said he is pleased that Hong Kong ranked first in economic freedom with a rating of 8.7 (out of 10). 

“Again, the report shows that Hong Kong is the ideal and preferred place for doing business in the world, especially for foreign companies, including those in Canada,” Mr So said. “We will continue to maintain these advantages and strengths – the core pillars of our success - that make our city a great place to do business and the fast track to the huge China market.”

The report compared the level of economic freedom in 127 economies. Apart from the overall top ranking, Hong Kong also ranks first in “freedom to trade internationally” and “regulation of credit, labour and business” and second in “size of government”. 

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