Hong Kong pips Singapore to be ranked world’s freest economy for 23rd consecutive year
China ranks 111th while Taiwan clinches 11th place in annual index compiled by Heritage Foundation
Hong Kong has once again beat key rival Singapore to be ranked the world’s freest economy by a Washington D.C.-based think-tank for the 23rd consecutive year.
The city scored 89.8 out of 100 points in the annual index of economic freedom compiled by the right-wing Heritage Foundation over 180 economies, up by 1.2 points from last year, beating Singapore by 1.2 points and edging the island nation to second place.
North Korea was rated the least free economy, with only 4.9 points, while China was ranked 111th with 57.4 points, up 5.4 points. Taiwan clinched 11th place with 76.5 points, up 1.8 points.
Financial Secretary Paul Chan Mo-po welcomed the news on Thursday
“On top of maintaining our favourable business environment, free trade, simple and low tax regime, rule of law and independent judiciary, the government will also strive to enhance our financial infrastructure and foster closer economic cooperation with major trading partners, so as to strengthen Hong Kong’s leading position as an international city,” he said in a statement.
This year, the city’s overall score improved after two years of decline, thus widening its lead over long-time rival Singapore.