On October 16, the Fraser Institute released its “2024 Report on Economic Freedom,” which ranked Hong Kong as the most economically free territory globally among 165 economies, improving one position from last year. In the report, Hong Kong topped the categories for “international trade freedom” and “regulation,” and its ranking for “sound money” rose to third place globally.
A spokesperson for the Hong Kong government stated that the region has long leveraged the advantages of a free market to maintain a business environment that is open, efficient, and fair, and these rankings reflect international recognition of those advantages.
The spokesperson emphasized that Hong Kong’s free market and superior business environment benefit significantly from the unique “one country, two systems” framework. This includes the implementation of a common law system, a strong rule of law, and an independent judiciary. Key factors like the free flow of capital, goods, talent, and information; a simple and low tax system; and a convenient, transparent regulatory environment that aligns with international standards make Hong Kong an ideal business city.
Looking ahead, the spokesperson expressed confidence that, with solid support from the nation, Hong Kong will continue to actively engage in the broader national development strategy. The region aims to maintain and enhance its open business environment and continue playing a crucial role as a two-way gateway that attracts international companies while assisting mainland Chinese enterprises in expanding globally.
