Hong Kong ranks world's freest economy for 24th straight year

Updated 2018-02-03 13:42:03 Xinhua

Hong Kong took the top place in the ranking of the 2018 Index of Economic Freedom for the 24th consecutive year, according to a report issued by the U.S. Heritage Foundation here on Friday.

On a scale of 0 to 100, Hong Kong's overall score improved by 0.4 point to 90.2 compared to last year, making Hong Kong the only economy with an overall score above 90, according to this year's Index of Economic Freedom report released by the Washington-based think tank.

Singapore remained the second with its overall score at 88.8 this year, up 0.2 point from a year earlier, and New Zealand ranked the third with its overall score at 84.2, up 0.5 point from a year earlier.

Among the 12 components measured in the report, Hong Kong achieved high scores of 90 or above in eight, and obtained top scores in fiscal health, business freedom, trade freedom and financial freedom.

The foundation recognized Hong Kong's economic resilience, high-quality legal framework, low tolerance for corruption, high degree of government transparency, efficient regulatory framework and openness to global commerce.

An exceptionally competitive financial and business hub, Hong Kong remains one of the world's most resilient economies, and a high-quality legal framework provides effective protection of property rights and strongly supports the rule of law, the report said.

In Hong Kong, there is little tolerance for corruption, and a high degree of transparency enhances government integrity, and regulatory efficiency and openness to global commerce undergird a vibrant entrepreneurial climate, it said.

The Hong Kong Special Administrative Region (HKSAR) government welcomed the ranking.

The HKSAR government's Financial Secretary Paul Chan said the free market principles have long been the cornerstones of Hong Kong's economic prosperity and international competitiveness and Hong Kong's steadfast commitment in upholding the free market principles in Hong Kong is again affirmed internationally.

The government will strive to uphold Hong Kong's strengths, including the rule of law and judicial independence, a simple and low tax system, an open and free trade regime, a level-playing field for all businesses and an efficient public sector, he said.

Hong Kong has been ranked the world's freest economy every year since the index was first published in 1995.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58February 24 2018 19:57:45

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16February 24 2018 19:57:45

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18February 24 2018 19:57:45

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords