********************************************
The Hong Kong Economic and Trade Office in Canada (HKETO) welcomes the announcement by the Fraser Institute of Hong Kong being once again rated as the freest economy in the world in its Economic Freedom of the World: 2003 Annual Report released today (July 8, Toronto time).
The Director of the HKETO, Mrs. Rosanna Ure, said that she is very pleased to note from the Report that Hong Kong retains the number one ranking as the freest economy of the world with a rating of 8.6 (out of 10), the 7th top ranking in a row.
"The fact that Hong Kong retains its position as the world's freest economy illustrates its distinctive advantages and competitiveness and further proves that Hong Kong is the ideal place for doing business, especially for foreign companies. Hong Kong will continue to maintain its openness, rule of law, free flow of information, transparency and a level playing field for investors," Mrs. Ure added.
Published by Canada's Fraser Institute in conjunction with the US-based Cato Institute, and 52 other research institutes around the world, the Economic Freedom of the World: 2003 Annual Report ranked 123 nations on economic freedom which include such core elements as personal choice, voluntary exchange, freedom to compete and protection of persons and property, all of which requires the rule of law, property rights, freedom to trade, sensible regulation and reasonably sized government.
Singapore was rated as the second freest economies after Hong Kong, following by the United States, New Zealand and the United Kingdom. The other 10 top nations are Canada, Switzerland, Ireland, Australia and the Netherlands.
End/Wednesday, July 9, 2003
NNNN
