Hong Kong retained the title of the world’s freest economy for the twentieth year in a row, announced by the 2014 Index of Economic Freedom report.
According to the Heritage Foundation’s 2014 Index of Economic Freedom, Hong Kong scored 90.1 on a scale from 0 to 100, well above the global average of 60.3. Singapore and Australia remain at second and third respectively, while Mainland China was ranked 137th, Macau 29th and Taiwan 17th.
Among the 10 economic freedom factors considered, Hong Kong took first place in business freedom this year, maintained its top spot in trade and financial freedom, and remained in second position in investment freedom and property rights.
The foundation complimented Hong Kong for effectively navigating global booms and busts, and recognised Hong Kong’s high degree of market openness, complemented by a transparent regulatory environment and competitive tax regime.
The foundation also noted the city’s highly motivated workforce and high level of labour freedom, which it said contribute to the city’s economic dynamism and resilience.
The report ranked the relative economic freedom of 178 economies around the world, comparing business freedom, trade freedom, fiscal freedom, government spending, monetary freedom, investment freedom, financial freedom, property rights, freedom from corruption and labour freedom.
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