Among the 10 individual areas assessed, Hong Kong ranks first in trade freedom, investment freedom and financial freedom. Hong Kong also ranks in the top 10 in another three areas, namely business freedom, monetary freedom and property rights.
The Heritage Foundation noted that Hong Kong's institutional strengths had allowed it to achieve high levels of prosperity reinforced by vibrant entrepreneurial activity.
The income and corporate tax rates in Hong Kong were very competitive, and overall taxation was relatively small as a percentage of gross domestic product (GDP), according to the Heritage Foundation.
The foundation also noted that Hong Kong's business regulation was straightforward, and the labor market was flexible.
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