Canada’s Fraser Institute has once again ranked Hong Kong as the world’s freest economy in the Economic Freedom of the World 2022 Annual Report.
The research institute said Hong Kong had gained the top rank since the inception of the report and among the five areas of assessment, Hong Kong continued to rank top in “Freedom to Trade Internationally” and “Regulation.
In accepting the ranking, a government spokesperson for HKSAR said that Hong Kong has been striving to improve the business environment and enhance market efficiency and support, thereby allowing the economy to display flexibility and resilience, and leverage the advantages of the free market.
He added that Hong Kong’s distinctive status and edges include the rule of law and judicial independence, free flow of capital, a free trade and investment regime, a simple and low tax system, a favorable business environment, and an efficient and clean government.
Hong Kong has been mired in controversial interference from Beijing in the last couple of years, from the umbrella movement, zero Covid-19 policy, and high cost of living. However, the island remains a reputable financial centre for Asia and continues to attract mega organisations to establish a footprint and be closer to China.
The addition of the country’s 14th Five-Year Plan, the Guangdong-Hong Kong-Macao Greater Bay Area development, and high-quality Belt and Road cooperation, is poised to seize more opportunities coming its way.
