HK still world's freest economy: Survey<\/p>\n
Helen Luk, Associated Press, Hong Kong<\/p>\n
Hong Kong remains the world's freest economy, but the Asia-
\nPacific region overall became more tightly controlled
\neconomically during the last year, according to a survey released
\non Friday.<\/p>\n
It was the 10th consecutive year that Hong Kong has topped the
\nannual survey by the Heritage Foundation and the Wall Street
\nJournal because of its low regulations and low taxes.<\/p>\n
The Heritage Foundation, a U.S.-based conservative think tank,
\nsaid small, free economies like the Chinese territory of Hong
\nKong offer a good example for poorer governments seeking to
\nimprove their economies.<\/p>\n
Small countries were prominent in the top ranks in the survey.
\nSoutheast Asian city-state Singapore was ranked No. 2, followed
\nby New Zealand, Luxembourg and Ireland. The United States was
\nranked 10th.<\/p>\n
Overall, Asia-Pacific fared worse than the previous year, with
\n16 economies scoring lower and only 11 improving. The region has
\nsix of the world's most controlled economies, including North
\nKorea, Laos and Burma, the survey said.<\/p>\n
\"This represents an unwelcome reversal of the trend reported
\nin the 2003 Index, which found economic freedom gaining in Asia,\"
\nthe foundation said in a statement.<\/p>\n
The survey, which gauged the economies of 155 countries or
\nterritories this year, ranked them according to 10 factors,
\nincluding trade policy, government intervention in the economy
\nand the size of the underground economy.<\/p>\n
Nearly half, or 75 of the economies ranked, were freer than
\nthe previous year. But 84 economies remained \"mostly unfree\" or
\n\"repressed,\" the survey found.<\/p>\n
Although Hong Kong has enjoyed Western-style freedoms since
\nreturning to Chinese rule in 1997, it remains only partially
\ndemocratic. China treats its territory as a separate economy.<\/p>\n
Mainland China slipped one place to 128th this year, scoring
\nworse in government intervention. The foundation said Chinese
\nleaders seemed to have slowed massive economic reforms and levied
\nnew rules to hamper foreign investment in the retail sector.<\/p>\n
Hugo Restall, editorial page editor at the Asian Wall Street
\nJournal, said Beijing's reluctance to allow Hong Kong to speed up
\ndemocratic reforms may spell trouble for the former British
\ncolony's economic freedom.<\/p>\n
On Wednesday, Hong Kong leader Tung Chee-hwa pledged to
\nconsult the central Chinese government on political reforms - a
\nmove that drew fire from opposition leaders, who accused him of
\nundermining Hong Kong's autonomy and ignoring growing calls for
\nfull democracy.<\/p>\n
Beijing said later in the day that it hopes to participate in
\nthe discussion of reforms before Hong Kong works out the details.<\/p>\n
A lack of political freedom \"does tend to undermine the road
\nto economic freedom,\" Restall said. \"Unless Beijing reconsiders
\nits approach, I have to say that I'm pessimistic that Hong Kong
\nwill remain the world's freest economy.\"<\/p>\n
The government did not immediately respond to Restall's
\ncomment.<\/p>",
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