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HK Ranked World's Freest Economy for 7th Year
Hong Kong has been ranked the world's freest economy for seven consecutive years by The Heritage Foundation and The Wall Street Journal, which jointly issued the " Index of Economic Freedom" Wednesday.
Hong Kong, one of the 161 economies analyzed in the index, scores 1.30 on a best-to-worst scale of 1 to 5.
Taking the 10 broad criteria used by the index, Hong Kong scores a best possible 1 in trade policy, monetary policy, foreign investment, banking and finance, property rights, regulation and black market activity, according to a report on the index.
It scores 2 in the wages and prices, fiscal burden of government and government intervention.
In the annually published index, Singapore and New Zealand were ranked the second and third freest economies.
"As the report noted, 'the rule of law, a free press and an independent academic community are the oxygen of a free society.' We will continue to ensure an uninterrupted flow of oxygen," said Hong Kong Financial Secretary Donald Tsang.
The Heritage Foundation, a Washington-based think tank, began to co-publish the index with the editorial page of The Wall Street Journal in 1995.
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