Hong Kong Remains World’s Freest Economy
The Hong Kong government today (September 15, 2016) welcomed the Cato Institute’s publication of the 2016 Economic Freedom of the World report which once again ranks Hong Kong first in the world in economic freedom.
Clement Leung, Hong Kong Commissioner to the United States, welcomed the ranking saying: “The ranking once again demonstrates Hong Kong’s adherence to a free market system, a small yet highly efficient public sector, and an open business environment for all.
“These attributes, buttressed by a commitment to the rule of law and an independent judiciary, have made Hong Kong a textbook case study on the benefits of free trade and free markets to economic development. We will continue to strengthen our core fundamentals to maintain the city’s vibrancy and competitiveness.”
Among the five broad areas of assessment, Hong Kong continued to hold high rankings in “size of government,” “regulation,” and “freedom to trade internationally.”
The report is co-published by the Cato Institute, the Fraser Institute in Canada, and more than 70 think tanks around the world.
The report measures the economic freedom by analyzing the policies and institutions of 159 countries and territories. The report ranks economies based on economic freedom in five broad areas: (1) size of government; (2) legal structure and security of property rights; (3) access to sound money; (4) freedom to trade internationally; and (5) regulation of credit, labor and business.
2016 Economic Freedom of the World: www.cato.org/economic-freedom-world