Hong Kong remains the world's freest economy for the 11th consecutive year, according to the Heritage Foundation's annual ranking.

 

The foundation released its 2005 Index of Economic Freedom in Hong Kong on Tuesday. They said that Hong Kong's virtues lie in its duty-free port with no barriers to trade, low level of government intervention in the economy, low level of inflation, low barriers to capital flows and foreign investment, low level of restrictions in banking and finance, low level of intervention in wages and prices, strong property rights, low level of regulation and a low level of informal market activity.

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Hong Kong financial secretary Henry Tang said the special administrative region’s 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.

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"We see the government's role as that of a facilitator providing 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 said.

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Tang stressed the government will spare no efforts in preserving its strengths and in making changes where there was room for improvement.

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Singapore and Luxembourg were ranked numbers 2 and 3 by the foundation this year.

(Xinhua News Agency January 5, 2005)