Washington, D.C.-based research and advocacy institute Heritage Foundation has Hong Kong topping its 2013 Index of Economic Freedom, for the 19th consecutive year. The Index, which ranks 177 global economies, measures 10 fiscal freedom factors. Among them Hong Kong retained its top position in trade and financial freedom, ranked second in investment freedom and property rights, and another silver medal in the business freedom race.
Hong Kong’s governmental long-standing policies actively supporting open market participation, fostering international investment and attractive import-export trade parameters, has created a sustainable guide for nations seeking to finance infrastructure improvements, foster local employment and establish economies based on generating production capacity and export demand, along with an appetite for internationally-sourced products encouraged by growing national household incomes and discretionary currency. And they accomplished this economic establishment amongst China’s emerging economy, a nation who took notice of their neighbor’s prosperity and borrowed a few playbook pages for their benefit.
It’s worked remarkably well for China, proving even a communist-ideological country can benefit from spot capitalism powered by international investment and trade. Is it possible that Hong Kong – and China, who’s in a more closely financially identifiable state for achieving emerging status – be guides for countries seeking economic continuity?
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