The Freest Economy – Hong Kong Retains Freest Economy Title
Hong Kong has long practised minimal government market interference. Hence, making Hong Kong highly attractive to investors. Although it is part of Mainland China, Hong Kong has its jurisdiction of the legal system and exert independent judicial power. Ever since the British handed over Hong Kong to China, Hong Kong already had everything going smoothly. Hence, the Hong Kong government is administered by Hong Kong people for Hong Kong. Moreover, Hong Kong retained its ranking as the freest economy in the world.
Recently, Hong Kong managed to retain its title as the freest economy in the world. This is according to the Economic Freedom of the World 2019 report. In the report, Hong Kong was at the top for ‘Freedom to Trade Internationally’ and ‘Regulation’ assessments. Hong Kong encourages any kind of business to trade with any country worldwide and puts only the necessary restrictions to safeguard investors interests. As a trading port itself, the Hong Kong government sees that the fewer restrictions are placed upon businesses and traders, the better it is for their economy. Hong Kong government assures that they are fully committed to continuing building a free economy where everyone has a fair chance of success.
Freedom of Many Things
Hong Kong, even being part of China, is independent of China in many perspectives. From free trade and investment regulation to freedom of speech to simple tax system. Almost every aspect of Hong Kong is differently administered as compared to China. Hong Kong and China have fully adhered to one country, two systems principle with great success. Moreover, Hong Kong’s fundamental rights and its citizen’s freedom of speech and peaceful assemblies are all protected by the Basic Law, Bill of Rights Ordinance and other legislation.
Beneficial Business Atmosphere
Hong Kong boasts a simple tax system with low tax rates and an efficient government. These factors sit well with any investor in the world. Whether to expand a current business or to launch an entirely new market, Hong Kong provides with encouraging business environment right from the start. The Hong Kong government ensures ease of doing business so that Hong Kong itself can continue to prosper and withstand economic challenges. Despite the recent turmoil that hit Hong Kong, companies continue to flourish as usual.
Hong Kong is casually mentioned in the foreign decree whenever it is related to worldwide ranking. Its rule of law makes it an important subject matter for reference. This shows the confidence of the global legal community in the quality of Hong Kong’s legal systems. Due to the recent unrest in Hong Kong, Hong Kong made its way into international media for the wrong reasons. Understandably, it made an impact on the trust and assurance Hong Kong has always displayed to the global audience. It is with regret that the Hong Kong Police had to use force upon the violent protestors to maintain order. Hong Kong continues to address this situation amicably and work with the community to resolve the differences.