Index of Economic Freedom CATEGORY LOW FREEDOM HIGH FREEDOM 1. BUSINESS FREEDOM The overall freedom to start, operate, and close a business is seriously limited by national regulatory environment. The government controls the economy, and only limited private entrepreneurship exists. The overall freedom to start, operate, and close a business is protected by Hong Kong's regulatory environment. Bankruptcy proceedings are very easy and relatively costless. 2. TRADE FREEDOM Import and export bans, variable and sometimes high import taxes and fees, import licensing requirements, non-transparent and inefficient customs, and market access restrictions in the services sector add to the cost of trade. An additional 5 points was deducted due to non-tariff barriers. Trade is essentially duty-free. 3. FISCAL FREEDOM Has a very burdensome income tax rate and a moderate corporate tax rate. Does not tax individual income or domestic business income. 4. SIZE OF
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