Overall Score: 89.6 World Rank: 1
Hong Kong Quick Facts/United States
Population: $7.2 million/$316.4 million
GDP: $381.9 billion/$16.8 trillion
GDP Growth: 2.9% / 1.9%
GDP Per Capita: $52,722 / $53,101
Unemployment: 3.3% / 7.5%
Inflation: 4.3% / 1.5%
Foreign Direct Investment: $76.1 billion/$187.5 billion
Hong Kong's economy has long been one of the freest and most competitive. In Hong Kong there are attempts and behavior that reduce competition. Hong Kong must work continuously maintain competition in the market. Competition in a market ensures effective distribution of economic resources, facilitates continuous innovation of products and services, and enhances efficiency in supply.
Hong Kong, a global free port and financial hub, continues to thrive on the free flow of goods, services, and capital. The monetary policy objective of Hong Kong is currency stability, defined as a stable external exchange value of the currency of Hong Kong, in terms of its exchange rate in the foreign exchange market against the US dollar, at around HK$7.80 to US$1.
Low Tax Rates
Hong Kong's standard income tax rate is 15 percent, the top corporate tax rate is 16.5 percent, and the overall tax burden equals 13.7 percent of domestic income. The public debt is low and a budget surplus has been maintained. Hong Kong keeps it very simple. There's no capital gains tax, there's no dividend tax, there's no tax on interest, and you are only taxed on income earned in Hong Kong - not overseas.