HK chief promises to continue world's freest economy
(Xinhua)
Updated: 2006-10-18 09:33
Hong Kong Special Administrative Region (HKSAR) Chief Executive Donald Tsang
said Tuesday that Hong Kong's economic philosophy remains unchanged to uphold
free-market principles, clarifying misunderstandings of his recent remarks on
"big market, small government."
Facing the city's business elite at the
Hong Kong Business Community luncheon, Tsang cleared his recent labels on "big
market, small government" instead of "positive non-interventionism", saying the
philosophy behind the HKSAR government's prudent financial management has not
changed in the past 30 years.
"However you word it, the bottom-line is
that the government works to sustain a competitive, business-friendly
environment," Tsang told the business audience." We continually press for market
opening."
Tsang's explanation was in response to a hot debate on the
cosmopolitan's exact economic philosophy, which was triggered by his terms of
"big market, small government" to describe Hong Kong' s policy instead of
"positive non-interventionism" last month at a press conference.
Tsang
said the government's public spending has been reduced to 18 percent of the
entire economy, not only below the 20 percent target, but less than half of the
OECD average of 40 percent.
"We adhere to the principles of free
enterprise and free competition," he said.
Hong Kong's free-market
credentials have been recognized annually since the mid-1990s by public policy
institutes such as the Heritage Foundation, the Fraser Institute and so on.
"In their estimation, Hong Kong has long been, and continues to be, the
world's freest economy," he said. "Intervention is an exception rather than
rule." (For more biz stories, please visit Industry Updates)
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