World Research Institutes Rank Hong Kong World's Freest Economy

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Last updated at: (Beijing Time) Thursday, July 10, 2003

World Research Institutes Rank Hong Kong World's Freest Economy

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Hong Kong is once again ranked as the freest economy in the world, according to the "Economic Freedom of the World, 2003 Annual Report", published by the Cato Institute of the United States in conjunction with the Fraser Institute of Canada and some 50 other research institutes around the world.

Hong Kong has been in the first place in each report since the index of economic freedom was first published in 1996.

Apart from winning the first place in economic freedom, Hong Kong also ranks first in size of government, freedom to exchange with foreigners, regulation of credit, and labor and business.

Welcoming the report, Hong Kong's Financial Secretary Antony Leung said: "I am pleased to note that Hong Kong's entrenched advantages are once again recognized by the reputable organizations. Among the advantages are our low tax system, free trade and free market, free flow of capital and information."

The "Economic Freedom of the World: 2003 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, freedom to trade, sensible regulation and reasonably sized government.

Singapore was rated as the second freest economy after China's Hong Kong, followed by the United States, New Zealand and the United Kingdom. The other five of the 10 top freest economies are Canada, Switzerland, Ireland, Australia and the Netherlands.

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