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HKETO welcomes Hong Kong’s ranking as world's freest economy for 10th year
Press Release - January 9, 2004
The Hong Kong Economic and Trade Office (Canada) (HKETO) today (January 9) welcomed the findings of the "2004 Index of Economic Freedom" released by the Heritage Foundation that Hong Kong has been ranked the freest economy in the world for the 10th consecutive year.
The Director of HKETO, Mr Bassanio So, said: “The study results have re-asserted that Hong Kong continues to be the freest market economy in the world with business-friendly environment and a level-playing field for all.”
“I am sure this helps to enforce Canadian business people’s confidence in Hong Kong, particularly those who are increasingly interested in partnering with Hong Kong for ventures into the China market.
Hong Kong's strengths as cited by the Heritage Foundation are:
- duty-free port;
- very low level of government involvement in business
- activities;
- very low inflation;
- very low barriers to foreign investment;
- very low level of restrictions in banking and finance;
- low level of intervention in wages and prices;
- strong property rights;
- very low level of regulation; and
- low level of informal market activity
Welcoming the announcement, the Hong Kong Financial Secretary, Mr Henry Tang said the Hong Kong Special Administrative Region (HKSAR) Government was firmly committed to maintaining Hong Kong as a free market economy that accords maximum scope to the private sector.
"We see the role of the HKSAR Government as that of a facilitator that provides a business-friendly environment where all firms can compete on a level-playing field," Mr Tang said.
"The HKSAR Government will also maintain an appropriate regulatory regime to ensure the integrity and smooth functioning of a free market.
"We will spare no effort in preserving our strengths and in further improving ourselves where we can," Mr Tang added.
For more information, please contact:
John Tam, Chief Information Officer of Hong Kong Economic and Trade Office at: (416) 924-5544 or email: [email protected] or Elison Chu, Senior Information Officer, [email protected].
The HKSAR Chief Executive, Mr Tung Chee Hwa, receives a copy of the Heritage Foundation's 2004 Index of Economic Freedom from its President, Dr Edwin Feulner, this (January 9) morning. Hong Kong retains its position as the world's freest economy for the 10th consecutive year since the Index was published in 1995.
The HKSAR Chief Executive, Mr Tung Chee Hwa, flanked by the President of the Heritage Foundation, Dr Edwin Feulner (left), and the Chairman of the Foundation's Board of Trustees, Dr David Brown, this (January 9) morning.
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