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Hong Kong used to be the poster child for economic freedom. Not anymore

March 4, 2021. Summarized by summa-bot.

Compression ratio: 20.5%. 1 min read.

Hong Kong has been booted off an index of economic freedom that it used to lead, dealing another blow to the city's standing as a global business hub.

Hong Kong (CNN Business)Hong Kong has been booted off an index of economic freedom that it used to lead, dealing another blow to the city's standing as a global business hub.

"No doubt both Hong Kong and Macao, as special administrative regions, enjoy economic policies that in many respects offer their citizens more economic freedom than is available to the average citizen of China, but developments in recent years have demonstrated unambiguously that those policies are ultimately controlled from Beijing," the foundation's researchers said in a statement.

It's the latest sign of Hong Kong's evolving international image after a controversial national security law was enacted in the city last year, exacerbating a political crisis that had engulfed the city with mass protests.

Last summer, Hong Kong faced another test as China passed a sweeping national security measure for the city.

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