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AFP-Hong Kong and Singapore are wor
- Subject: AFP-Hong Kong and Singapore are wor
- From: tinkyi@xxxxxxxxxxxxx
- Date: Tue, 11 Jan 2000 06:15:00
Subject: AFP-Hong Kong and Singapore are world's freest economies: report
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Tuesday, January 11 6:46 PM SGT=20
Hong Kong and Singapore are world's freest economies: report
HONG KONG, Jan 11 (AFP) -=20
Hong Kong and Singapore have the world's most unrestricted economies, =
according to a report published Tuesday.
The report, published by Canada's Fraser Institute, the Hong Kong Centre =
for Economic Research and the United States-based Cato Institution, was =
immediately welcomed by Hong Kong's government.
It vowed to maintain the territory as "the world's freest economy and a =
leading international financial centre."
Hong Kong only shared the title of the world's least restricted economy =
with Singapore because of a "lagged effect of concern about contract =
repudiation" from when Hong Kong returned to China in 1997, the report =
said.
Michael Walker, executive director of the Fraser Institute, wrote: "It =
is our expectation that Hong Kong will resume sole possession" of the =
title.
The report continued: "Since contracts entered into by the Hong Kong =
government did not have the complete involvement of the People's =
Republic of China, there was initial concern that some contracts, =
including the one for Hong Kong's airport, would not be honoured.
"That uncertainty is now past and future ratings for Hong Kong should =
see the SAR (special administrative region) achieving a high score in =
the index's viability of contracts rating."
Hong Kong's Financial Secretary Donald Tsang said: "I am happy the =
report recognises the fact that Hong Kong has fully respected and =
preserved its economic freedom after the reversion of sovereignty."
Referring to the autonomy deal under which Britain returned Hong Kong to =
China, he said: "It is another welcome acknowledgement of the continuity =
of Hong Kong's free and open market economy functioning robustly under =
'one country two systems'."
Tsang also noted that the assessment was shared by the US think tank =
Heritage Foundation, which rated Hong Kong similarly in a report =
released early last month.
Since 1970, Hong Kong has consistently, except for a short period in =
1985, enjoyed top ranking in the report's index.
The report noted that the resumption of sovereignty by China on July 1, =
1997, has "not materially hurt the economic freedom long enjoyed by the =
people of Hong Kong" and that the territory had been given "considerable =
autonomy" by Beijing in conducting its affairs.
It also acknowledged efforts by the government to diversify the economy, =
making it less dependent on property and finance by introducing a =
cyberport, centred on multimedia and Internet services, a Disneyland =
themepark and a Chinese medicine centre.
The report also said the government's controversial market intervention =
in August 1998 to purchase more than 100 billion Hong Kong dollars =
(12.98 billion of blue-chip stocks to avoid a collapse in the property =
market had public support.
"The Hong Kong government has indeed taken a more active role in the =
economy," the report said.
"The widened scope of policy initiatives may only be a cyclical =
phenomenon. When the economy starts to grow again, the government can =
then afford to have more faith in the market mechanism and to revert to =
its 'positive non-intervention' principle.
"This will bode well for the long term continuation of Hong Kong's =
economic freedom."
Following Hong Kong and Singapore, the report listed New Zealand, the =
United States and Britain as the next most unrestricted economies.
After them came Ireland in sixth place, then Canada, Australia, the =
Netherlands, Luxembourg, and Switzerland.
China, despite some positive press about economic reform, still ranks =
only 75th in the world as it "continues a slow march toward economic =
liberalism."
"Most of the positive changes have taken place in the area of economic =
structure and use of markets, one of China's weakest areas," the report =
said.
The least free economies included Myanmar, last out of 123 countries, =
followed by the African nations of the Democratic Republic of Congo, =
Sierra Leone, Rwanda, Madagascar and Guinea-Bissau at 118.
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<DIV><FONT face=3DArial size=3D2><B>Tuesday, January 11</B> 6:46 PM SGT=20
<H2><FONT color=3D#800000 size=3D4>Hong Kong and Singapore are world's =
freest=20
economies: report</FONT></H2>HONG KONG, Jan 11 (AFP) -=20
<P>Hong Kong and Singapore have the world's most unrestricted economies, =
according to a report published Tuesday.</P>
<P>The report, published by Canada's Fraser Institute, the Hong Kong =
Centre for=20
Economic Research and the United States-based Cato Institution, was =
immediately=20
welcomed by Hong Kong's government.</P>
<P>It vowed to maintain the territory as "the world's freest economy and =
a=20
leading international financial centre."</P>
<P>Hong Kong only shared the title of the world's least restricted =
economy with=20
Singapore because of a "lagged effect of concern about contract =
repudiation"=20
from when Hong Kong returned to China in 1997, the report said.</P>
<P>Michael Walker, executive director of the Fraser Institute, wrote: =
"It is our=20
expectation that Hong Kong will resume sole possession" of the =
title.</P>
<P>The report continued: "Since contracts entered into by the Hong Kong=20
government did not have the complete involvement of the People's =
Republic of=20
China, there was initial concern that some contracts, including the one =
for Hong=20
Kong's airport, would not be honoured.</P>
<P>"That uncertainty is now past and future ratings for Hong Kong should =
see the=20
SAR (special administrative region) achieving a high score in the =
index's=20
viability of contracts rating."</P>
<P>Hong Kong's Financial Secretary Donald Tsang said: "I am happy the =
report=20
recognises the fact that Hong Kong has fully respected and preserved its =
economic freedom after the reversion of sovereignty."</P>
<P>Referring to the autonomy deal under which Britain returned Hong Kong =
to=20
China, he said: "It is another welcome acknowledgement of the continuity =
of Hong=20
Kong's free and open market economy functioning robustly under 'one =
country two=20
systems'."</P>
<P>Tsang also noted that the assessment was shared by the US think tank =
Heritage=20
Foundation, which rated Hong Kong similarly in a report released early =
last=20
month.</P>
<P>Since 1970, Hong Kong has consistently, except for a short period in =
1985,=20
enjoyed top ranking in the report's index.</P>
<P>The report noted that the resumption of sovereignty by China on July =
1, 1997,=20
has "not materially hurt the economic freedom long enjoyed by the people =
of Hong=20
Kong" and that the territory had been given "considerable autonomy" by =
Beijing=20
in conducting its affairs.</P>
<P>It also acknowledged efforts by the government to diversify the =
economy,=20
making it less dependent on property and finance by introducing a =
cyberport,=20
centred on multimedia and Internet services, a Disneyland themepark and =
a=20
Chinese medicine centre.</P>
<P>The report also said the government's controversial market =
intervention in=20
August 1998 to purchase more than 100 billion Hong Kong dollars (12.98 =
billion=20
of blue-chip stocks to avoid a collapse in the property market had =
public=20
support.</P>
<P>"The Hong Kong government has indeed taken a more active role in the=20
economy," the report said.</P>
<P>"The widened scope of policy initiatives may only be a cyclical =
phenomenon.=20
When the economy starts to grow again, the government can then afford to =
have=20
more faith in the market mechanism and to revert to its 'positive=20
non-intervention' principle.</P>
<P>"This will bode well for the long term continuation of Hong Kong's =
economic=20
freedom."</P>
<P>Following Hong Kong and Singapore, the report listed New Zealand, the =
United=20
States and Britain as the next most unrestricted economies.</P>
<P>After them came Ireland in sixth place, then Canada, Australia, the=20
Netherlands, Luxembourg, and Switzerland.</P>
<P>China, despite some positive press about economic reform, still ranks =
only=20
75th in the world as it "continues a slow march toward economic =
liberalism."</P>
<P>"Most of the positive changes have taken place in the area of =
economic=20
structure and use of markets, one of China's weakest areas," the report=20
said.</P>
<P>The least free economies included Myanmar, last out of 123 countries, =
followed by the African nations of the Democratic Republic of Congo, =
Sierra=20
Leone, Rwanda, Madagascar and Guinea-Bissau at=20
118.</P></FONT></DIV></BODY></HTML>
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