Hong Kong Named World's Freest Economy for 9th Year

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Last updated at: (Beijing Time) Tuesday, November 12, 2002

Hong Kong Named World's Freest Economy for 9th Year

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Hong Kong has retained the top spot as the world's freest economy, closely edging out Singapore, according to the Heritage Foundation and the Wall Street Journal's annual "Index of Economic Freedom" published Tuesday.

This is the ninth year that Hong Kong has been named as the world's freest economy.

A spokesman of the Hong Kong Special Administrative Region (SAR) said the government was pleased that Hong Kong topped the league of economic freedom in the world for the ninth consecutive year.

The Heritage Foundation acknowledged that Hong Kong's virtues included a duty-free port, very low barriers to foreign investment, very low level of restrictions in banking and finance, low level of intervention in wages and prices, strong property rights and a low level of black market activity.

"We remain firmly committed to maintaining Hong Kong as a free market economy. We will always look for ways to let the market operate freely, and to unleash the vitality and creativity of enterprise and individual endeavor," the spokesman said.

According to this year's survey, economic freedom expanded among Asia-Pacific economies last year. Hong Kong, Singapore, New Zealand and Australia take top 10 honors again in this year's survey.

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