The problem with a free market is that it leads to inequality and the disappearance of the middle class. The less government laws/policies you have the more inequality grows, the rich get richer while the poor the poorer.

And that is basically what Hong Kong is, a tax haven for the rich and one of the most unequal places on earth. http://www.scmp.com/news/hong-kong/economy/article/2097715/what-hope-poorest-hong-kong-wealth-gap-hits-record-high