2011-01-12 15:35

HONG KONG - Hong Kong has been ranked as the world's freest economy for the 17th consecutive year in the 2011 Index of Economic Freedom rankings released by the Heritage Foundation and Wall Street Journal Wednesday.

The city has secured the top position since the index was first published in 1995, with a score of 89.7. Singapore and Australia remained in the second and the third place, respectively, as compared with last year.

"We are determined to uphold economic freedom in Hong Kong, which is the cornerstone of sustained economic stability, growth and prosperity," a government spokesman said in a statement.

The Heritage Foundation said Hong Kong's economic interaction with the mainland has become more intense and sophisticated, mainly through strengthened financial ties.

The US-based study measures the degree of economic freedom of 179 countries and regions around the world. The ten factors assessed lie in the fields of business, trade, fiscal policy, government spending, monetary policy, investment, finance, property rights, labor markets and freedom from corruption.