When the Fraser Institute published its newest study on economic freedom, it recognised Hong Kong as having the world’s most free economy, which the administration of the Hong Kong Special Administrative Region applauded.
Singapore was rated second in the study for 2021, followed by New Zealand, Switzerland, and Georgia, according to the research. On the list of the top ten countries were the United States, Ireland, Lithuania, Australia, and Denmark.
According to the findings of the study, economic freedom is defined as the capacity of people to make their own economic choices, and it is measured by looking at the policies and institutions of 165 nations and regions. Regulation, freedom to trade globally, the size of the government, a strong legal system and property rights, as well as government expenditure and taxes, are all indicators to consider.
Since the publication of the first edition of the study in 1996, Hong Kong has risen to the top of the rankings.
Hong Kong maintained its top-ranking positions in the categories of “freedom to trade globally” and “regulation” among the five areas of evaluation.
According to a press statement issued by the Hong Kong government on Tuesday, “this is an unambiguous confirmation of Hong Kong’s long-standing and unwavering commitment to creating a free economy with a fair playing field.”
The spokesperson, on the other hand, strongly criticised the Fraser Institute for making inaccurate statements about Hong Kong’s rule of law, the passage of the National Security Law, and the mainland’s interference in Hong Kong’s affairs.
“As a reminder, the HKSAR’s trusted legal system is as strong as ever as part of the “one nation, two systems” framework, the spokesperson added.
In Hong Kong, the rule of law is seen as a basic core principle that is much valued amongst its citizens.” We have remained steadfast in our commitment to preserving Hong Kong’s illustrious heritage of rule of law and independence of the judiciary.”
The enactment of the National Security Law, according to the spokesperson, is intended to protect national security, which is the legal right and responsibility of every government.
“The National Security Law categorises crimes that threaten national security into four categories, each of which is precisely defined. It defines the components of the offences, the punishments, the mitigating circumstances, and the various repercussions in plain language. There is no doubt that law-abiding citizens may unintentionally break the law in certain circumstances.”
The Hong Kong Special Administrative Region (HKSAR) is an inalienable component of the People’s Republic of China. According to the spokesperson, it has a great degree of autonomy under the “one nation, two systems” policy and is directly under the control of the Central People’s Government.
Taking advantage of the possibilities presented by the 14th Five-Year Plan and other national development plans, the spokesperson said that Hong Kong would continue to actively integrate into the new overall development of the country.
“According to the spokesman, the HKSAR government will continue to defend Hong Kong’s institutional strengths, which include the rule of law and judicial independence, as well as a free-trade and investment regime, a straightforward tax system with low rates, a favourable business environment, and an efficient and transparent government.