The former British colony, reunited with China in 1997, has been voted the world's most free economy for 14 consecutive years by the US-based Heritage Foundation due to its low taxes, light regulation and commitment to small government.
That may change following an announcement yesterday by Donald Tsang, the indirectly elected head of government, that the territory is to impose a legally enforceable minimum wage for the first time.
“We should not see the free market and government intervention as two exact opposites,” Mr Tsang, the chief executive, said in his annual policy address to legislators. “The market is not omnipotent. Intervention is not necessarily an evil. If the market fails, the government should intervene.”