The government on Thursday welcomed Hong Kong again being ranked as the world's freest economy by the Canadian think-tank, the Frasier Institute, in its Economic Freedom of the World Annual Report. Hong Kong has gained the top rank since the report's inception.

"We have been striving to improve the business environment and enhance market efficiency and support, thereby allowing the economy to display flexibility and resilience and leverage the advantages of the free market. Our commitment to maintaining an efficient, free, open and fair business environment is once again affirmed," a government spokesman said.

The institute ranks economies in five main areas: Size of government, legal system and property rights, sound money, freedom to trade internationally, and regulation. The SAR again topped the freedom to trade, and regulation categories. Singapore was ranked second and the US seventh.

Of the 165 jurisdictions measured, Venezuela came last.

The 2022 rankings are based on data from 2020, which the institute says is the latest most comprehensive available.