HK ranks as the freest economies worldwide by Fraser Institute

Hong Kong has ranked the world's freest among 165 economies in the "Economic Freedom of the World: 2024 Annual Report" released by Fraser Institute on Wednesday (Oct 16), climbing one spot from last year.

For the five key assessment categories in the Report, Hong Kong ranked first in both "Freedom to trade internationally" and "Regulation," while its position in "Sound money" rose to third globally.

A spokesman for the government highlighted that the city leveraged the advantages of a free market and maintained a free, open, effective, and fair business environment, as reflected in the international ranking. 

As for the Report noted to "sound the alarm bell about signs of declining economic and other freedoms" in Hong Kong, the spokesman emphasized that the government is committed to protecting the rights and freedoms of residents as well as enterprises and investors' interests under the Constitution and Basic Law.

He added that foreign businesses in Hong Kong generally have confidence in Hong Kong's rule of law according to a number of other surveys.

Singapore, after edging out Hong Kong for the top spot last year, ranked the second freest economies in the 2024 Report.