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HK tops economic freedom ranking

October 07, 2014

The Government today welcomed the Fraser Institute again ranking Hong Kong as the world’s freest economy, saying that the decision affirms the city’s steadfast commitment to free market principles.


A spokesman noted that the Government is also committed to maintaining a free and open trade environment, as well as streamlining regulations to improve business efficiency, which are the core aspects underlining Hong Kong's economic vitality.


Among the five major areas of assessment, Hong Kong ranks first in "size of government", "freedom to trade internationally" and "regulation".


But the Government disagreed with the institute's concerns about the rule of law, and stressed that the perception or suggestion that the rule of law is threatened by encroaching Mainland influence is totally unfounded.


The administration noted that the rule of law, including an independent judiciary, is well and alive in Hong Kong and is guaranteed by the Basic Law. The appointment and removal of judges are expressly provided for in the Basic Law to provide the mechanism for an independent judiciary, free from interference by the Government and the Legislature.


The spokesman stressed that “The rule of law is our core value and the cornerstone of Hong Kong's success as a vibrant business hub and international financial centre. As always, the Government would rigorously safeguard and uphold the rule of law.”