Hong Kong Rated World's Freest Economy

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 ◆ Hong Kong Rated World's Freest Economy

The Hong Kong Special Administrative Region (SAR) government welcomed on June 26 the rating by Canada's Fraser Institute of Hong Kong being the freest economy in the world.

A Hong Kong SAR official in the economic and trade sector said that she is very pleased to learn that Hong Kong was once again rated as the freest economy with a rating of 8.8 out of 10 in Fraser's Economic Freedom of the World: 2002 Annual Report released on June 25.

"The fact that Hong Kong retains its position as the world's freest economy further proves that it is the ideal place for doing business, especially for foreign companies. Hong Kong will continue to maintain its openness, rule of law, free flow of information, transparency and a level playing field for investors," the official added.

Published by Canada's Fraser Institute in conjunction with the US-based Cato Institute, and a network of independent institutions in 54 other nations, the Economic Freedom of the World: 2002 Annual Report ranked 123 nations on economic freedom which include such core elements as personal choice, voluntary exchange, freedom to compete and protection of persons and property, all of which requires the rule of law, property rights, limited government intervention, freedom to trade, and sound money.

Singapore was rated as the second freest economies after Hong Kong, followed by the United States, United Kingdom, New Zealand, Switzerland, Ireland, Australia, Canada and the Netherlands.