The Chief Executive, Mr Tung Chee Hwa, welcomes the 1998 Index of Economic Freedom released by the Heritage Foundation today, which shows that Hong Kong continues to be the freest economy in the world.

The results were presented to Mr Tung this morning by a high-level delegation from the Heritage Foundation and the Wall Street Journal, headed by Dr Kim Holmes, Vice President of the Heritage Foundation; and Mr Gordon Crovitz, Vice President of Dow Jones & Company.

Commenting on the Index, which according to the Heritage Foundation is used as a guide by investors seeking profitable destinations for their capital, Mr Tung stressed that Hong Kong would continue to make every effort to maintain freedom in trade and enhance further the competitive edge of its economy.

While noting that Hong Kong had maintained the position as the freest economy in the world for the fourth consecutive year, Mr Tung said that the study by the Heritage Foundation and Wall Street Journal also recognised that the territory's economic structure had remained unchanged after the Handover.

"Our economy is vibrant as ever and we are as committed to free trade as before," he said.

The Chief Executive shared the Heritage Foundation's view that many Asian countries had enjoyed economic success because they possessed not only economic freedom, but also its necessary counterpart - economic responsibility.

In this regard, the study points out that people in Hong Kong believe in individual responsibility. Many of them prefer to rely on high savings than welfare programmes. They also believe that in such an environment and with hard work, they do have a chance of becoming rich themselves.