Press Release - April 19, 2001
The Hong Kong Special Administrative Region (SAR) is the freest economy in the world, according to the Economic Freedom of the World: 2001 Annual Report.

The report, published by Canada�s Fraser Institute in conjunction with the US-based Cato Institute and 49 other independent institutes from around the world, ranks 123 economies on their level of economic freedom. The core elements of economic freedom are personal choice, protection of private property, and freedom of exchange.

The report points out that �Hong Kong�s economy is characterized by business entrepreneurship, a high level of employment, income mobility, and a relatively modest degree of income equality. These are attributes of a free and dynamic economy.�

Acting Director of the Hong Kong Economic and Trade Office in Canada, Eddie Cheung, is pleased that Hong Kong remained in first place with a rating of 9.4 (out of 10).

�It demonstrates that Hong Kong is a prime location for business in the world. We will continue to maintain openness to trade and business, rule of law, free flow of information, transparency and a level playing field for investors. These are pillars of our success,� he said.

Following Hong Kong, the next freest economies are Singapore (2nd), New Zealand (3rd), the United Kingdom (4th), the United States (5th), Australia (6th), Ireland (7th), Switzerland (8th), Luxembourg (9th), and the Netherlands (10th).

For further information please contact Senior Information Officer, Jimmy Leung at telephone no. 416-924-5544 or e-mail [email protected].