Hong Kong ranked world's freest economy for 13th consecutive year - survey |
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Tue, 16 Jan 2007 07:55
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HONG KONG (XFN-ASIA) - Hong Kong has been ranked as the world's freest economy for the 13th consecutive year, according to the 2007 'Index of Economic Freedom', published annually by The Wall Street Journal and The Heritage Foundation.Among the 10 individual areas assessed, Hong Kong ranks first in four -- trade freedom, investment freedom, financial freedom and property rights, according to the report.Hong Kong also ranks in the top 10 in another four areas including fiscal freedom, freedom from government, monetary freedom and labour freedom.The report said that Hong Kong's income tax and corporate tax rates are extremely low, and overall taxation is relatively small as a percentage of GDP.It also said that Hong Kong's business regulation is simple and the labour market highly flexible. It also noted that investing in Hong Kong is wide open, with virtually no restrictions on foreign capital.The report noted that Hong Kong is one of the world's leading financial centres, with an extensive banking and services industry that is regulated non-intrusively and is transparent; while the judiciary, which is independent of politics and virtually free of corruption, has an exemplary ability to protect property rights.The study measured the degree of economic freedom of 157 economies worldwide by assessing 10 factors. Hong Kong was followed by Singapore and Australia in terms of being the freest economy.roby.lau@xfn.com
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