17
WEDNESDAY, JULY 7, 1993
OVER THE YEARS THE PRIVATE SECTOR, THE MARKET PRACTITIONERS THEMSELVES, HAVE BEEN THE MAIN DRIVING FORCE BEHIND THE STRUCTURAL CHANGE. THIS IS ONLY RIGHT. NO ONE, OTHER THAN THE ENTREPRENEURS AND THEIR EMPLOYEES, KNOWS BETTER ABOUT THE PROSPECTIVE TRENDS AND DIRECTIONS OF THEIR OWN MARKETS AND THE SPECIFIC BUSINESS OPPORTUNITIES UNFOLDING BEFORE THEM. THEY HAVE ENJOYED SUCCESS AND PROFITS IN MAKING THEIR OWN DECISIONS FOR CHANGE. THEY ARE CERTAINLY CAPABLE OF CONTINUING TO DO SO. EXTERNAL DIRECTION AND PRESSURE FOR ANY PARTICULAR TYPE OF MARKET DEVELOPMENT, ESPECIALLY IF IT WERE TO COME FROM THE GOVERNMENT, MAY WELL BE COUNTER-PRODUCTIVE AND WOULD MOST PROBABLY NOT BE WELCOMED, AND QUITE RIGHTLY NOT, BY THE BUSINESSES CONCERNED.
WHAT THE GOVERNMENT AIMS TO PROVIDE, AND HAS BEEN CONSISTENTLY PROVIDING, IS A SOUND BUSINESS ENVIRONMENT AND AN EXCELLENT NETWORK OF ECONOMIC INFRASTRUCTURE ON THE BASIS OF WHICH INDIVIDUAL COMPANIES, IN WHATEVER SECTORS, CAN SEEK TO MAXIMISE THEIR OWN PROFIT POTENTIAL AND THEREBY PROSPER. IN PARALLEL WITH THIS, INDIVIDUAL COMPANIES HAVE TO FACE THEIR OWN COMMERCIAL RISKS, MAKE ADEQUATE CONTINGENCIES FOR POSSIBLE ADVERSE DEVELOPMENTS AND, IF FORTUNE IS AGAINST THEM, BEAR THE CONSEQUENCE OF LOSSES. OUR POLICY FOR THE ECONOMY IS SOUND AND HAS SERVED HONG KONG WELL. IT WILL CONTINUE TO DO
INDEED IMPORTANT ELEMENTS OF IT ARE RECOGNISED BY THE JOINT DECLARATION AND THE BASIC LAW. THE MAIN FOUNDATIONS OF THIS POLICY INCLUDE:
So,
ALL
ADHERENCE TO FREE MARKET PRINCIPLES AND A FREE TRADE REGIME
A SOUND LEGAL SYSTEM AND EFFECTIVE COMMERCIAL ACTIVITIES
A SIMPLE TAX SYSTEM WITH A LOW TAX RATE
INSTITUTIONS
FOR
THE RELATIVELY SMALL SIZE OF THE PUBLIC SECTOR IN RELATION TO THE ECONOMY
ADEQUATE REGULATIONS IN THE FINANCIAL SECTOR TO ENSURE MARKET INTEGRITY AND ORDERLY FUNCTIONING WHILST MAINTAINING A LEVEL PLAYING FIELD AND WITHOUT STIFLING PRIVATE SECTOR INITIATIVE
STRONG COMMITMENT TO MAINTAINING MONETARY AND EXCHANGE RATE STABILITY
SUBSTANTIAL INVESTMENT IN EDUCATION, RESOURCE DEVELOPMENT GENERALLY
TRAINING AND HUMAN
INVESTING DIRECTLY IN OR OTHERWISE FACILITATING THE DEVELOPMENT OF ESSENTIAL ECONOMIC INFRASTRUCTURE, AND ENSURING AN ADEQUATE SUPPLY OF LAND
THE
OF THESE ELEMENTS ARE CRUCIAL FOR THE LONGER-TERM DEVELOPMENT OF THE SERVICE SECTORS, AS INDEED THEY ARE FOR DEVELOPMENT OF THE ECONOMY AS A WHOLE.
/AT THIS
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