Towards the late 1970s, Hong Kong has become established as a major entrepot between the world and China. The city has further developed into a global hub for freight logistics, information, trade and financial centre (London-Hong Kong-New York). Hong Kong is thus regarded as a "world city" and one of the eight "Alpha+ cities". It ranked fifth on the 2014 Global Cities Index after New York City, London, Tokyo and Paris. The city, however, has the most severe income inequality among the advanced economies. Furthermore, the population of Hong Kong enjoy one of the highest per capita income in the world. The city has a high Human Development Index and high international rankings in the categories of financial and economic competitiveness. As Hong Kong ranks as the third most important international financial centre, after New York City and London, The capitalist service economy, characterised by low taxation and free trade, has been regarded as the world's most lassiez-faire economic policies, and the currency, Hong Kong dollar, is the eighth most traded currency in the world.