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Central and Victoria Harbour of Hong Kong

Hong Kong has a highly developed free-market economy. It is characterised by low taxation, almost free port trade and a well-established international financial market. The Hong Kong dollar is legally issued by three major international commercial banks, and is pegged to the US dollar. Interest rates are determined by individual banks in Hong Kong to ensure that they are market driven. There is no officially recognised central banking system, although the Hong Kong Monetary Authority functions as a financial regulatory authority.

Governed under positive non-interventionism and highly dependent on international trade and finance, it is regarded as a favorable place to start a company. A study showed that Hong Kong went from 998 registered start-ups in 2014 to over 2800 in 2018, with eCommerce (22%), Fintech (12%), Software (12%) and Advertising (11%) companies comprising the majority. The Economic Freedom of the World Index lists Hong Kong as the freest economy, with a score of 8.58 based on data from 2022. (Full article...)

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