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The Financial Secretary, Mr Henry Tang, welcomed the ranking of Hong Kong as the freest economy in the world for the 11th consecutive year by the Heritage Foundation (HF), which released its "2005 Index of Economic Freedom" today (January 4).
"I am pleased that the virtues we have been upholding to keep Hong Kong flourish as a free market economy have once again been reaffirmed by the international community," Mr Tang said.
According to HF, Hong Kong's virtues lie with its duty-free port with no barriers to trade, low level of government intervention in the economy, very low level of inflation, very low barriers to capital flows and foreign investment, very low level of restrictions in banking and finance, low level of intervention in wages and prices, strong property rights, very low level of regulation, and a low level of informal market activity.
"We see the Government's roles as those of a facilitator which provides a business-friendly environment for all firms to compete on a level-playing field while maintaining an appropriate regulatory regime to ensure the integrity and smooth functioning of a free market. The Government will also take a leading role in government-to-government interactions, for instance, on market access arrangements," Mr Tang said.
Mr Tang said the Government remained firmly committed to maintaining Hong Kong as a free market economy that accords maximum scope to the private sector and would continue to pursue a prudent fiscal strategy and strictly control public sector expenditure.
He added that the Government would spare no efforts in preserving its strengths and in further improving other aspects where there was room for further improvement.
Ends/Tuesday, January 4, 2005
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Photo 1 and Photo 2 : The Chief Executive, Mr Tung Chee Hwa, is presented with a copy of the Heritage Foundation's 2005 Index of Economic Freedom from its President, Dr Edwin Feulner (left), this morning (January 4). "I am pleased that Hong Kong retains its position as the world's freest economy for the 11th consecutive year. We will not let up our efforts in providing a friendly environment and a level playing field for all firms to do business here," Mr Tung said. Looking on is the chairman of the foundation's Board of Trustees, Dr David Brown (right).
