HK remains world's freest economy
Hong Kong remains as the world's freest economy for the 11th consecutive year according to the Heritage Foundation's annual ranking.
The Heritage Foundation released its 2005 Index of Economic Freedom Tuesday. The foundation said that Hong Kong's virtueslie in 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.
Hong Kong financial secretary Henry Tang said, Hong Kong SAR government remains firmly committed to maintaining the city as a free market economy that gives maximum scope to the private sector and will continue to pursue a prudent fiscal strategy and strictly control public sector spending.
"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," he added.
Tang stressed the government will spare no efforts in preserving its strengths and in making changes where there was room for improvement.
Singapore and Luxembourg were ranked No. 2 and 3 by the foundation this year.