Hong Kong again ranked as world's freest economy

For the 19th consecutive year, Hong Kong maintained its position as the world’s freest economy, according to the 2013 Index of Economic Freedom, published annually by The Heritage Foundation. The top four in the index were unchanged. Hong Kong scored 89.3, well above the global average of 59.6. Among the 10 economic freedom factors assessed, Hong Kong maintains its top position in trade and financial freedom, stays second in investment freedom and property rights, and rises from third to second in business freedom. The report carried by Xinhua news said Hong Kong's highly competitive regulatory regime which, coupled with an efficient and transparent legal framework, sustains vibrant engagement in global trade and investment. In addition, the highly motivated and skilled workforce is a cornerstone of strength for the dynamic economy, and there is little tolerance of corruption in Hong Kong. Noting that Hong Kong's economic interaction with the Chinese mainland has become more intense and sophisticated, and trade and financial linkages with the mainland have grown significantly, the report said Hong Kong continues to demonstrate a high degree of economic resilience and remains one of the world's most competitive financial and business centers. The report gauged the degree of economic freedom of more than 150 economies around the world. The 10 factors assessed are business freedom, trade freedom, fiscal freedom, government spending, monetary freedom, investment freedom, financial freedom, property rights, freedom from corruption and labor freedom. Singapore and Australia are ranked second and third in the 2013 Index of Economic Freedom.