20
HONG KONG: A HARD-EARNED SUCCESS
illustrated by the recent replacement of the Chief Secretary and the Financial Secretary as the respective chairman of the Finance Committee and the Public Works Sub-committee. The prospect of such a change would probably have horrified the government that I joined in 1966; but in the mid-1990s it seems part of the natural course of events.
The public role of senior civil servants has grown considerably. We now spend more time discussing policies and initiatives with Legislative Council members and others in the community. To succeed as a civil servant, it is more important than ever to be prepared to speak out in support of policy initiatives, to listen to the views of the council and the rest of the community and take them into account, and then to steer through the best solution for all concerned. We have increasingly become quasi-politicians. Just as 'capitalist' is not a dirty word in Hong Kong, I see no need for 'politician' to be so either.
It is a truism to say Hong Kong's future is based on its past. But as we look ahead to the change of sovereignty in just over two years, it is worthwhile remembering the factors that have contributed to our success, and that will continue to do so. I have tried to set out some of those factors in the earlier part of this chapter.
Hong Kong thrives because we are superbly efficient. We are home to over 4000 overseas-incorporated companies, as well as many other companies owned and controlled by foreign interests. They come, and they stay, because we offer substantial advantages over other Asian cities such as Tokyo, Singapore and Bangkok. We may be more expensive than some (and we must watch that), but we provide what they want the freedom to operate within an environment set by a government that believes in providing maximum infrastructural support and the rule of law, but with minimum bureaucratic intervention.
It is vital that Hong Kong maintains the rule of law, administered by an impartial judiciary, together with the essential ingredients of successful capitalism
free trade, a level playing field, minimal government intervention, a low and stable taxation regime and budgets which, on average, are roughly balanced.
Which of those is most important is probably an impossible question to answer. But if I had to answer it, I would plump for the rule of law and minimalist government. If the rule of law and the independence of the judiciary is put in doubt, international businessmen will shy away and residents will think of leaving. And if bureaucrats build up restrictive structures and regulations, or become less honest, we would rapidly be overtaken by our competitors. Hong Kong would then become just another Asian city. I am sure that this will not happen. I am sure that my colleagues in the administration will continue to jealously guard the principle of the level playing field. The Legislative Council and the press will alert the public to any apparent inefficiencies or inadequacies.
In sum, Hong Kong has strong foundations that will carry it prosperously through to the next century, playing a key role in the development of the Asia-Pacific region.