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Hong Kong is once again ranked as the freest economy in the world, according to the newly released "Economic Freedom of the World, 2003 Annual Report" published by the Cato Institute of the United States in conjunction with the Fraser Institute of Canada and some 50 other research institutes around the world.
Hong Kong has been in first place in each report since the index of economic freedom was first published in 1996.
Apart from winning the first place in economic freedom, Hong Kong also ranks first in "size of government", "freedom to exchange with foreigners", and "regulation of credit, labour and business".
Welcoming the report, the Financial Secretary, Mr Antony Leung, said, "I am pleased to note that Hong Kong's entrenched advantages are once again recognised by the reputable organisations. Among the advantages are our low tax system, free trade and free market, free flow of capital and information, just to name a few."
"The Government is firmly committed to further enhancing Hong Kong's competitiveness as an international financial and business centre and maintaining an open and business-friendly environment. I am sure international investors, businessmen and traders will all find Hong Kong as their preferred location for doing business," he added.
End/Wednesday, July 9, 2003
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