Hong Kong ranked freest economy for 22nd year

A view of the International Commerce Centre in West Kowloon. Stable returns in Hong Kong's office property market have lured many Chinese mainland investors to the city. With the Shenzhen-Hong Kong Stock Connect due to kick off in December, growing office demand from mainland financial institutions will provide further rental support in the Central business district, given the tight availability, experts say. [Photo by Anthony Kwan / Bloomberg]

US think tank Heritage Foundation ranked Hong Kong as the world's freest economy for the 22nd consecutive year.

The index is published annually by the Wall Street Journal while Heritage Foundation evaluates economic freedom in four key areas: rule of law, limited government, regulatory efficiency and open markets.

John C Tsang, financial secretary of the Hong Kong Special Administrative Region, expressed thanks to Edwin J. Feulner, former president of the foundation on Saturday.

Tsang said Hong Kong follows classic liberal principles to sustain its economic growth, stability and prosperity.

Tsang was in Washington to attend the annual meetings of the International Monetary Fund and World Bank as a member of the Chinese delegation.

He also met with other participants to exchange ideas on economic outlook and other issues of mutual concern.