Hong Kong Economic and Trade Office, San Francisco
Hong Kong
Hong Kong Once Again Ranked Freest Economy in the World

The Hong Kong government welcomed the Cato Institute’s publication of the 2018 Economic Freedom of the World report which once again ranks Hong Kong as the freest economy in the world.

Hong Kong retains the top position with a score of 8.97 out of 10.

Eddie Mak, Hong Kong Commissioner to the United States, welcomed the ranking. “Hong Kong attaches great importance to free-market principles,” Mr. Mak said. “The ranking acknowledges our commitment to the free market system, a small and efficient public sector and a level-playing-field for all.”

Hong Kong strives to provide a favorable environment for the economy to thrive. The city continues to build a robust institutional framework, uphold the rule of law and maintain an efficient government.

A government spokesperson stressed that judicial independence remains the bedrock of Hong Kong’s economic freedoms and is protected by the Basic Law, Hong Kong’s constitutional document. “The court system in Hong Kong is as transparent as ever and justice is impartial in Hong Kong,” the spokesperson said. “Judicial independence is pivotal to Hong Kong’s continuous success as the world’s freest economy.”

The first Economic Freedom of the World Report, published in 1996, was the result of a decade of research by a team which included several Nobel Laureates and over 60 other leading scholars in a broad range of fields. The 22nd edition ranks 162 countries and territories for 2016, the most recent year for which data are available. The report ranks countries and territories based on five areas: size of government, legal structure and security of property rights, access to sound money, freedom to trade internationally, and regulation of credit, labor and business.

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