Hong Kong remains the world's freest economy for
the 11th consecutive year, according to the Heritage Foundation's
annual ranking.
The foundation released its 2005 Index of Economic
Freedom in Hong Kong on Tuesday. They said that Hong Kong's virtues
lie in its duty-free port with no barriers to trade, low level of
government intervention in the economy, low level of inflation, low
barriers to capital flows and foreign investment, low level of
restrictions in banking and finance, low level of intervention in
wages and prices, strong property rights, low level of regulation
and a low level of informal market activity.
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Hong Kong financial secretary Henry Tang said the
special administrative region’s government remains firmly committed
to maintaining the city as a free market economy that gives maximum
scope to the private sector and will continue to pursue a prudent
fiscal strategy and strictly control public sector spending.
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"We see the government's role as that of a
facilitator providing a business-friendly environment for all firms
to compete on a level playing field, while maintaining an
appropriate regulatory regime to ensure the integrity and smooth
functioning of a free market," he said.
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Tang stressed the government will spare no efforts
in preserving its strengths and in making changes where there was
room for improvement.
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Singapore and Luxembourg were ranked numbers 2 and
3 by the foundation this year.
(Xinhua News Agency January 5, 2005)
