Hong Kong Ranked World’s Freest Economy for 15th Time

Posted by Reading Time: 2 minutes

hk

Jan. 16 – The U.S. Heritage Foundation and Wall Street Journal has ranked Hong Kong at the top spot of its 2009 Index of Economic Freedom for the 15th consecutive year, besting 183 countries based on 10 specific economic freedoms.

Hong Kong scored 90, 0.3 point higher than last year and above the world average of 59.5.

China’s special autonomous region got top marks for trade freedom, investment freedom and financial freedom while it was in the top 10 for the areas of business freedom, monetary freedom and property rights.

The Index serves as an important reference and policy tool for leaders and scholars. It measures overall economic freedom in terms of absolute right of property ownership, fully realized freedoms of movement for labor, capital, and goods and the extent to which it is protected and unhindered by the state.

The Index gathered data from the second half of 2007 through the first half of 2008.

The Heritage Foundation said that Hong Kong’s institutional strengths led it to achieve high levels of prosperity complemented by healthy entrepreneurial activity.

More so, income and corporate tax rates in Hong Kong are competitive while making overall taxation was relatively small compared to its gross domestic product.

Hong Kong is one of the world’s leading financial centers, and its regulation of banking and financial services has remained transparent and efficient.The foundation added that Hong Kong’s regulations on business were straightforward, and the labor market was flexible.

On the results of the study, Financial Secretary of Hong Kong John Tsang told Xinhua: “We are determined to uphold Hong Kong as the freest economy in the world and we see the role of the government as that of a facilitator.”

Other countries in the top ten include Singapore, Australia, Ireland, New Zealand, the United States, Canada, Denmark, Switzerland and the United Kingdom. To view the full rankings, click here.