Hong Kong Maintains Its Position as One of the World’s Freest Economies

Hong Kong Maintains Its Position as One of the World’s Freest Economies

Hong Kong’s enduring status as one of the world’s most economically liberated regions, characterized by its unique institutional strengths operating under the “one country, two systems” framework, was reaffirmed in a recent report, as stated by the Hong Kong Special Administrative Region (HKSAR) government.

According to the 2023 Annual Report on Economic Freedom of the World by Canada’s Fraser Institute, Hong Kong secured the second spot globally. It achieved the highest rank in “freedom to engage in international trade” and secured the third position in terms of “regulation.” Notably, Hong Kong demonstrated improved scores and rankings in categories such as “government size” and “monetary stability” compared to the previous year.

In a statement released on Tuesday, a spokesperson for the HKSAR government emphasized that Hong Kong continues to be a global hub for business, renowned for its liberal economic environment, and houses nearly 9,000 companies from both mainland China and abroad. The spokesperson underlined that Hong Kong remains a unique nexus where both global and China-centric advantages converge within a single economy.

Furthermore, the spokesperson clarified that there have been no changes to labor policies within the HKSAR. The HKSAR government has actively implemented measures aimed at attracting skilled professionals, enterprises, and international capital, thereby fostering a competitive environment to draw strategic businesses, top talents, and global investments to Hong Kong.

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