China Watch Blog has learnt that Hong Kong has again been ranked by the Fraser Institute as No. 1 in the world for Economic Freedom, holding this No. 1 ranking for more than three decades.
HK's economy to forge ahead
Speaking at a gala dinner co-hosted by the Fraser Institute and the Lion Rock Institute, Chief Executive Donald Tsang, said: “We’ll do our best to make it No. 1 for the next three decades, too. We are never complacent in this.
“This recognition from the Fraser Institute highlights our long-standing commitment to free and open markets. This philosophy has served our city well – in good times and in bad, in times of stability and great upheaval.
The Fraser Institute last held its gala dinner here in 2008, at the height of the global financial crisis. In fact, it was in the same week that Lehman Brothers filed for bankruptcy in the US – a decision that only deepened the sense of gloom that was being felt in world markets at that time.
“Three years on, we are still feeling the aftershocks of the worst global financial crisis since the Great Depression. Some economists are predicting a double-dip recession, which I am sure we all hope does not eventuate, but for which we must be well prepared,” Tsang said.
“In such testing times, it is important for an externally-oriented economy such as Hong Kong to remain true to our philosophy. That means strong fiscal discipline, low taxes, open markets, free flow of information, goods and capital, clean government and a level playing field for business,” he added.
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