Hong Kong grabs crown as world's freest economy for 20th year

It scored 90.1 in the scale.

According to a release, Financial Secretary John Tsang has welcomed Hong Kong's ranking as the world's freest economy for 20 consecutive years.

The Heritage Foundation's 2014 Index of Economic Freedom saidHong Kong scored 90.1 on a scale from 0 to 100, well above the global average of 60.3. Singapore and Australia remain at second and third respectively, while Mainland China was ranked 137th, Macau 29th and Taiwan 17th.

Among the 10 economic freedom factors considered, Hong Kong took first place in business freedom this year, maintained its top spot in trade and financial freedom, and remained in second position in investment freedom and property rights.

The foundation complimented Hong Kong for effectively navigating global booms and busts, and recognised Hong Kong's high degree of market openness, complemented by a transparent regulatory environment and competitive tax regime.

The foundation also noted the city's highly motivated workforce and high level of labour freedom, which it said contribute to the city's economic dynamism and resilience.

The Government is determined to uphold economic freedom in Hong Kong, Mr Tsang said, which is the cornerstone of sustained economic stability, growth and prosperity.

"The Government is committed to maintaining the key elements of economic freedom including the rule of law, a low and simple tax system, and a level-playing field for all firms operating in Hong Kong, while establishing an appropriate regulatory regime to ensure the integrity and smooth functioning of the free market. We also strive to remove impediments to industries tapping into new markets."

The report ranked the relative economic freedom of 178 economies around the world, comparing business freedom, trade freedom, fiscal freedom, government spending, monetary freedom, investment freedom, financial freedom, property rights, freedom from corruption and labour freedom.