Hong Kong again ranked most economically free market in the world by Canadian think tank
The city has been ranked top in the institute's study since 1970
The Canadian think tank’s latest report, which is based on 2013 data, ranked Hong Kong first out of 157 countries and territories, with a score of 8.97 out of 10.
Regional rival Singapore came in second again, with a score of 8.52.
The other nations in the top ten are New Zealand, Switzerland, the United Arab Emirates, Mauritius, Jordan, Ireland, Canada, and the United Kingdom.
China placed 111th with a score of 6.44.
The results were welcomed by the government, which said: “Our steadfast commitment to free market principles has once again received international acclaim.”
A government spokesman said it attached great importance to the city’s economic freedom, and would strive to uphold its fine tradition of the rule of law and an independent judiciary, a small and efficient public sector, and a free and open business and trade environment.
The institute’s resident fellow Fred McMahon said, “Hong Kong’s still number one but because democracy is the best safeguard of freedom, if China, which ranks low in economic freedom, encroaches on Hong Kong, we can expect Hong Kong’s ranking to fall.”
The rankings of some other major countries were the United States (16th), Japan (26th), Germany (29th), South Korea (39th), Italy (68th), France (70th), Mexico (93st), Russia (99th), India (114th), and Brazil (118th).
The ten lowest-rated countries were Angola, Central African Republic, Zimbabwe, Algeria, Argentina, Syria, Chad, Libya, the Republic of Congo. Venezuela came last with a score of 3.23.
The average global score rose slightly to 6.86 from 6.84 in the previous year.
McMahon added, “Economic freedom breeds prosperity, and the most economically free countries offer the highest quality of life while the lowest-ranked countries are usually burdened by oppressive regimes that limit the freedom and opportunity of their citizens.”
The United States, now 16th, has steadily fallen from its number two ranking achieved in 2000, the institute noted.
“A weakened rule of law, the so-called wars on terrorism and drugs, and a confused regulatory environment have helped erode economic freedom in the United States, which has now fallen behind more economically free countries such as Qatar, Jordan and the United Arab Emirates,” McMahon said.
