January 12, 2012

Financial Secretary John Tsang has welcomed the Heritage Foundation's reassertion Hong Kong is the world's freest economy, a ranking it has held since the index was first published in 1995.
 
According to the 2012 Index of Economic Freedom released today, Hong Kong scored 89.9 out of 100, well above the world average of 59.5. Of the 10 economic freedom factors assessed, Hong Kong ranked first in financial and trade freedom, second in investment freedom and property rights, and third in business freedom.
 
"We see the role of the Government as that of an active facilitator. We provide a business-friendly environment where all firms can compete on a level-playing field," Mr Tsang said.
 
The Heritage Foundation commended Hong Kong's tax system as simple and efficient. It considered monetary stability well maintained in the city. It also noted Hong Kong's economic interaction with the Mainland has become more intense and sophisticated.
 
The study ranked the degree of economic freedom of 179 economies around the world. Singapore and Australia remained second and third.
 
Of the other economies in Greater China, the Mainland ranked 138th, Macau 19th and Taiwan 18th.