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In response to media enquiries about the 2003 Index of Economic Freedom report released today (November 12) by the Heritage Foundation, a Government spokesman said the Government was pleased that Hong Kong topped the league of economic freedom in the world for the ninth consecutive year.
The Heritage Foundation acknowledged that Hong Kong's virtues included a duty-free port, 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 and a low level of black market activity.
"We remain firmly committed to maintaining Hong Kong as a free market economy. We will always look for ways to let the market operate freely, and to unleash the vitality and creativity of enterprise and individual endeavour."
"Yet we recognise that the Government does have an important role to play to enable the market to work better and the economy to further flourish. This role complements, not displaces, private sector initiative so that the growth potential could be best pursued. We disagree that such a role constitutes adverse intervention in the economy," the spokesman said.
Referring to comments on the fiscal burden of government, he said, "The Government is committed to achieving the three fiscal targets as set out by the Financial Secretary in his March Budget Speech by the year 2006/07, including the target to reduce public expenditure to within 20 per cent of GDP. We are conducting consultations on the coming Budget and we welcome views from the public on this important issue."
Addressing concerns about the rule of law and press freedom raised in the report, the spokesman said, "Our commitment to the rule of law and freedom of expression will never waver. They are the pillars of our society and have been well protected under the Basic Law."
End/Tuesday, November 12, 2002
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Photo : The Chief Executive, Mr Tung Chee Hwa, receives a copy of the Heritage Foundation's 2003 Index of Economic Freedom from its President, Dr Edwin Feulner, at a luncheon organised by the Foundation at the Conrad International Hotel this afternoon. Hong Kong is again ranked as the world's freest economy in this year's Index - for the ninth consecutive year.
