Hong Kong remains the world's freest economy, according to the Economic Freedom of the World: 2005 Annual Report jointly released by Canada's Fraser Institute and the US' Cato Institute.

Welcoming the report, Financial Secretary Henry Tang said in South Korea today he is pleased the international community has again reaffirmed the virtues the Government has been upholding to keep Hong Kong flourishing as a free market economy.

"With free competition and an open market being our entrenched policy, Hong Kong will continue to practise the 'Market Leads, Government Facilitates' principle," he said.

"We will also 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, which are key to our economic success."