Hong Kong was ranked the freest economy in the world for the
10th consecutive year in the "2004 Index of Economic Freedom"
released by the Heritage Foundation and the Wall Street
Journal Friday.
Hong Kong's strengths as cited by the report are duty-free port,
very low level of government involvement in business activities,
very low inflation, 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, very low
level of regulation, and low level of informal market activity.
Financial Secretary of the Hong Kong Special Administrative
Region (HKSAR) government Henry Tang said he was pleased to see
that Hong Kong remained the freest economy in the world.
He said the HKSAR government was firmly committed to maintaining
Hong Kong as a free market economy that accords maximum scope to
the private sector.
"We see the role of the government as that of a facilitator that
provides a business-friendly environment where all firms can
compete on a level-playing field," Tang said.
He said the government will also maintain an appropriate
regulatory regime to ensure the integrity and smooth functioning of
a free market.
In the annually published index, Singapore and New Zealand were
ranked the second and third freest economies respectively.
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.
(Xinhua News Agency January 9, 2004)