Hong Kong Ranked World’s Freest Economy for 23rd Consecutive Year
Hong Kong ranks as the world’s freest economy in The Heritage Foundation’s 2017 Index of Economic Freedom.
The Hong Kong Commissioner to the United States, Clement Leung, welcomed The Heritage Foundation’s high regard of Hong Kong as the world’s freest economy, a ranking the city has held for 23 consecutive years. Mr. Leung said that the Hong Kong government is committed to upholding economic freedom which is essential to sustaining economic stability, prosperity, and growth. “Hong Kong’s adherence to a free market system drives the city’s development as an internationally competitive financial and business center” Mr. Leung said. “We remained devoted to this fundamental economic principle which is reinforced by the rule of law and a level-playing field for all businesses.”
The report finds that Hong Kong maintains a high degree of economic resilience. It recognizes that the city’s legal framework provides an “effective protection of property rights and strong support for the rule of law.” There is little tolerance for corruption, and government integrity is buttressed by a high degree of transparency.
Hong Kong’s overall score of 89.8 out of 100 is higher than that of 2016 (88.6).
Among the 12 components measured in the report, Hong Kong achieved high scores of 90 or above in eight components and attained the top positions in fiscal health, trade freedom and financial freedom.
The Index of Economic Freedom ranks the degree of economic freedom in 186 economies around the world. The index measures economic freedom based on 12 quantitative and qualitative factors, grouped into four broad categories: rule of law, government size, regulatory efficiency, and open markets.
Hong Kong has been ranked the world’s freest economy since the index was first published in 1995.
2017 Index of Economic Freedom: http://www.heritage.org/index/