Hong Kong has been voted the world's freest economy by US think tank the Heritage Foundation, closely followed by Singapore, Australia and Ireland. This is nothing new, Hong Kong has scooped the award fifteen times in a row; what is new, is that this may no longer be considered a good thing.

Credit crunch, toxic debts and bailouts have seen global capitalism take a beating, and many people are looking for more government regulation, not less. Hong Kong has the least, for better or worse. Just check out Hong Kong taxes, about the lowest in the world. Hong Kong's governing assembly, the Legco, has so far held off on major reforms, but it'll be interesting to see if Hong Kong is still number one in 2010.

If you're interested in seeing how the world's freest economy ticks, take a tour of the Hong Kong stock exchange.

Hong Kong’s most famous son is finally going to get a museum in what he considered his home city. Although Bruce Lee wasn’t born in Hong Kong, he grew up here and shot to fame on the city’s screens, now, his Lee's former home is set to be turned into a museum dedicated to his life.

The former home first hit the headlines last year when it put for sale, and possible destruction, by a Hong Kong billionaire. Fans demanded the government save the house, the government refused, as usual, before, in an unusual twist, the billionaire offered to give the house to the city, if it was to be turned into a museum.

Plans are still sketchy on what exactly will fill the house, but a recreation of Lee’s martial arts room and study are already being floated. Keep up-to-date on the current plans with our article What’s Happening with the Bruce Lee Museum Project.

Cathay Pacific is attempting to entice credit crunch weary travellers to snap up an early holiday by putting their China fares on sale, including Hong Kong. The savings aren’t spectacular, but they are solid.

Book by the end of February, for flights between Jan 2nd –April 2nd, April 13th-June 11th and November 1st-30th and you can pick up one-way Hong Kong for £379 ($556), including taxes from London Heathrow. Shanghai and Beijing weigh in at £455 ($667) from the same airport.

Hong Kongers are not looking forward to 2009. In a survey of 46 countries, the territory's citizens emerged as the most pessimistic in the world about 2009.

As one of the world's three big financial hubs, it's hardly suprising. Only five percent of Hong Kongers think 2009 will be better than 2008, while sixty seven per cent think it will be worse. Ironically, people in China had the second highest level of optimism, pipped to the post by Kosovo. Hong Kongers may have plenty to grumble about as the credit crunch takes a bite out of the city's earnings, but they've also got plenty to be thankful for. Here's three reasons why Hong Kong is still one of the best cities on earth.

• You can still bag a bargain at a Hong Kong market
• Things may be tight but Hong Kong taxes are some of the world's leanest.
• Their near neighbour Shenzhen and China is booming.