Hong Kong triumphs world's freest economy for 20th consecutive year

China's Hong Kong defended its status as the world's freest economy for the 20th consecutive year, announced by the 2014 Index of Economic Freedom report on Tuesday.

Singapore and Australia were ranked as the second and third freest economy respectively.

According to the report, Hong Kong was scored 90.1, 0.8 point higher than last year, well above the world's average score of 60. 3. There are 10 specific categories to evaluate the economic freedom, and Hong Kong outperformed among all economies in the category of business freedom, financial freedom and trade freedom.

The world average score of 60.3 is the highest average in the two decades history of the Index. Among the 178 economies ranked, scores improved for 114 economies and declined for 59 economies.

The Index, published annually by The Wall Street Journal and the Heritage Foundation, is well known for its authority among all assessments of global economic freedom index.

Launched in 1995, the Index evaluates economies in four broad areas of economic freedom: rule of law, regulatory efficiency, limited government and open markets. There are 10 specific categories including property rights, freedom from corruption, fiscal freedom, government spending, business freedom, labor freedom, monetary freedom, trade freedom, investment freedom and financial freedom.