In the latest ranking of global economic freedom released by a Canadian think tank, Hong Kong lost to Singapore in second place, losing its top spot for the first time.
According to the "World Economic Freedom" report released by the Canadian think tank Fraser Institute, Hong Kong lost to Singapore by 0.01 points, losing the top position of the freest economy for the first time according to five criteria: "size of government", "judicial system and property rights", "sound currency", "freedom of international trade" and "regulation".
According to the Fraser report, Singapore has replaced Hong Kong as the freest economy in the world, and Singapore's stable legal environment has become the biggest advantage. Even though Singapore remains under a strongman political system, it has been able to maintain a relatively open legal environment. Of course, Singapore is a pluralistic society, and the "flogging" with strong Islamic colors has become a "stain" on Singapore's legal profession, and the severe punishment for urban uncivilized behavior also makes Singapore society lack a trace of tolerance and humanity. Based on these points alone, Hong Kong's legal environment is still better than Singapore's.
In recent years, Singapore has posed a challenge to Hong Kong's global standing. Last year, Singapore surpassed Hong Kong to become the financial center of Asia, ranking third in the world, while Hong Kong dropped one place, and the former global financial center "Nuremberg" has also become "Nuremberg".
In this regard, Xiaobian believes that the biggest advantage that Hong Kong has is relying on the mainland, which Singapore does not have. With the rise of the mainland's economy, technology and culture, Hong Kong can still serve as China's most important window to the outside world. As long as Hong Kong's social system and legal foundation can be maintained, Hong Kong's economic prosperity and global status will remain unshakable.