Press Release
The Hong Kong Special Administrative Region (SAR) and Singapore are the freest economies in the world, according to the Economic Freedom of the World: 2000 Annual Report released in Hong Kong Tuesday (Monday night Toronto time).

The report, published by the Hong Kong Centre for Economic Research, Canada's Fraser Institute, and the U.S.-based Cato Institute, in conjunction with independent institutes from 52 other countries, compares the level of economic freedom in 123 economies.

On November 30 last year, the 2000 Index of Economic Freedom released by the U.S. Heritage Foundation and the Wall Street Journal again rated Hong Kong SAR as the world's freest economy.

The latest report recognizes that the resumption of sovereignty over Hong Kong by China on July 1, 1997 has not materially hurt the economic freedom long enjoyed by the people of the territory. The Executive Director of the Vancouver-based Fraser Institute, Michael Walker, said: "The latest rating maintains Hong Kong's primacy as the most economically free place on earth. This year Hong Kong shares that title with Singapore, however, it is our expectation that Hong Kong will resume sole possession in the future."

Commenting on the report, Donald Tong, Director of the Hong Kong Economic & Trade Office in Canada, said: "Hong Kong is a tiny spot on the world map, but its economic freedom, sound common law system, and world-class telecommunication infrastructure make it a great place to do business and a gateway to China."

Following Hong Kong and Singapore, the next freest economies are New Zealand (3rd), the United States (4th), and the United Kingdom (5th). Other countries ranking near the top of the list include Ireland (6th), Canada (7th), Australia (7th), Netherlands (9th), Luxembourg (9th) and Switzerland (9th).