Hong Kong still world’s freest economy, but don’t expect that to last, says think tank, as it ranks integrity of city’s legal system at lowest level in 20 years
- Fraser Institute puts city at top of list for 30th year running, but warns rule of law is being undermined, which will affect future position
- Government spokesman dismisses concerns, and says residents still enjoy freedom of speech, assembly and the press
Hong Kong has retained its position as the world’s freest economy, but the think tank responsible for the listings said that was likely to change in the future, with the integrity of the city’s legal system in doubt.
The Fraser Institute ranked Hong Kong at No 1 for the 30th year running, just ahead of Singapore, but scores for the legal system slumped to their worst level in 20 years, and judicial independence earned its lowest ranking in 16 years.
Fred McMahon, the Canadian institute’s Dr Michael A Walker Research Chair in Economic Freedom, warned that mainland China’s influence would have a negative impact on the city’s position.
McMahon added that the city’s score would decline further in future years, because there was a two-year data lag for the annual report, which was released on Thursday night.
The study focuses on the policies and institutions of 162 countries and territories, with indicators covering regulation, freedom to trade internationally, size of government, property rights, government spending and taxation. China was ranked 124th.