CE Presented With Economic Report

Chief Executive Carrie Lam today met Heritage Foundation Founder Edwin Feulner to receive a copy of the 2019 Index of Economic Freedom report at Government House.

The report ranked Hong Kong as the world's freest economy, a title the city has received for 25 consecutive years.

Mrs Lam expressed gratitude to the Heritage Foundation for affirming Hong Kong's commitment in upholding free market principles.

She was pleased the city's overall score remained at 90.2 in the report, making it the only economy to attain an overall score of more than 90.

The report recognised Hong Kong's economic resilience, high-quality legal framework, low tolerance for corruption, high degree of government transparency, efficient regulatory framework and openness to global commerce, she added.

Hong Kong has to keep moving forward amid increasingly keen competition between cities in the region, she said, adding it will continue to facilitate free market operation and improve the environment for doing business, including the launch of tax concession measures this financial year.

She added Hong Kong will enhance its international competitiveness to consolidate its leading status as an international city and financial centre.

However, the report's rating for Hong Kong’s judicial effectiveness was lower compared with last year.

It said the judiciary is independent, but Beijing reserves the right to make final interpretations of the Basic Law, effectively limiting the power of Hong Kong's Court of Final Appeal. 

In disagreeing with this view, the Chief Executive said the arrangement of enabling the Court of Final Appeal to exercise the power of final adjudication over court cases and the Standing Committee of the National People’s Congress to exercise the power of final interpretation of the Basic Law is a unique arrangement which realises “one country, two systems” and a high degree of autonomy for Hong Kong. 

Mrs Lam said the city's independent judicial power and the power of final adjudication are protected by the Basic Law.

The fairness and impartiality of the judiciary, which is free from any interference, are beyond doubt, she added.