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Economy

Hong Kong loses Heritage 'economic freedom' crown to Singapore

Months of anti-government protests undermine rating of investment environment

Protesters in Hong Kong hold an anti-government demonstration on Jan. 1. A Hong Kong spokesman on Tuesday acknowledged that "local social unrest" might have affected the city's ranking in the Heritage study.   © Reuters
ZACH COLEMAN, Nikkei Asian Review deputy editor | Hong Kong

HONG KONG -- Hong Kong's long reign as the pinnacle of free-market values has come to an end thanks to last year's anti-government unrest, with the Heritage Foundation crowning Singapore on Tuesday as its new global champion.

The conservative U.S. think tank has been ranking the world's economies on "economic freedom" annually since 1995.

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