Press Release - July 15, 2004
Hong Kong remains the world's freest economy, according to the newly-released 'Economic Freedom of the World: 2004 Annual Report' published by the Fraser Institute of Canada in conjunction with 61 other research institutes around the world.

Welcoming the report, Hong Kong�s Financial Secretary, Mr Henry Tang, said in New York today (July 15), 'I am pleased that Hong Kong has been topping the world's freest economy list since the index of economic freedom was first published in 1996.'

'A free market economy is the bedrock of Hong Kong's success. The Government will continue to create the best possible environment for business and to facilitate the market's operation and promote its development.

'In this regard, the Hong Kong Special Administrative Region Government will strive to maintain our institutional strengths, including the rule of law, the free flow of capital and information, a level playing field, an efficient and corruption-free government as well as a simple and low tax regime,' Mr Tang said.

Echoing Mr Tang�s remarks, the Acting Director of the Hong Kong Economic and Trade Office (Canada), Mr Kenneth Cheng, said he is pleased that Hong Kong remained in the first place in economic freedom with a rating of 8.7 (out of 10).

'It demonstrates that Hong Kong is the ideal place for doing business in the world, especially for foreign companies, including those in Canada. We will continue to maintain these advantages that make our city a great place to do business and the fast track to the huge China market. They are pillars of our success,' he said.

The report compared the level of economic freedom in 123 economies. Apart from the overall top ranking, Hong Kong also ranks first in 'size of government', 'freedom to trade internationally', and 'regulation of credit, labour and business'.


For further information, please contact John Tam, Chief Information Officer at (416)924-5544, email [email protected] or Elison Chu, Senior Information Officer, [email protected]