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Governor's statement on Index of Economic Freedom Report
The Governor, the Rt Hon Christopher Patten, issued the following statement after receiving the Index of Economic Freedom Report today (Monday):
"I am delighted that Hong Kong has once again been voted the world's freest economy in the Index of Economic Freedom published jointly by the Heritage Foundation and the Wall Street Journal. This is a prestigious report by prestigious organisations.
This is the third year in a row Hong Kong has topped the poll Singapore, the US and other major trading partners.
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The report highlights all the ingredients which we know underlie our economic achievements.
our free and open market;
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our low and predictable taxes;
the close link we maintain between government spending and economic growth;
the fact that regulations applied by the Government are not burdensome - and are applied uniformly and consistently.
The report points out that despite the increases we have made in spending on social welfare, "government spending as a percentage of GDP continues to decrease".
It also emphasises that "private property rights in Hong Kong are completely protected", and that "the legal system to protect these rights is both highly efficient and effective".
In short, this report reaffirms once again the close relationship between the freedoms we enjoy in Hong Kong and our economic success.
It's a pat on the back for Hong Kong today; and a useful reminder to us all of the need to protect our freedoms and free economy if Hong Kong is to top the poll next year and on into the new millennium."
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