HONG KONG — The government of China's Hong Kong Special Administrative Region on Thursday welcomed the Fraser Institute's recognition of Hong Kong as the world's freest economy in its latest report on economic freedom.

The government said in a statement that the institute's high regard of Hong Kong affirms the administration's commitment in upholding economic freedom and in sustaining a favorable business environment.

The government said it will support the principles of economic freedom, which is vital for Hong Kong to maintain its competitiveness.

Of the five broad areas of assessment, Hong Kong continued to attain a high ranking in "regulation" and "freedom to trade internationally" in the latest report.

The government said it will further uphold Hong Kong's institutional strengths, including the open and free environment for trade and business, the rule of law and an independent judiciary, as well as an efficient government, to further promote economic prosperity.

The Fraser Institute is a research and educational organization based in Canada.