+
Transcript of the Governor's media session
Following is the transcript of the Governor, the Rt Hon Christopher Patten's media session after receiving a 1996 Index of Economic Freedom report from the Heritage Foundation at Government House this (Monday) morning:
Governor: The Heritage Foundation is one of the most prestigious American or indeed global think-tanks. And for some time they've been looking at economies round the world, to see which best exemplify the principles of freedom with which the Foundation has always been associated. I'm delighted that once again they found that Hong Kong comes out top in their index of economic freedom and that this year, we've come unambiguously first in the league table, ahead of Singapore in second place since I read in Singapore newspapers that our crime levels are now lower than Singapore's as well, and that's double reasons for being pleased. I think all of us have got to remember what it is that goes into this index and what it is that explains our prosperity and our stability and our decency as a society. Low taxes, the minimum of government regulation, public spending which is controlled only to allow to rise in line with the growth of the economy and a prudent attitude to economic management as a whole. All those economic policies operating within the rule of law in a free and open market with healthy institutions, professions, churches, non-governmental organisations, all the things you will associate with an open and plural society. It remains our ambition to do everything we can to safe guard all those attributes and I very much hope that we'll be able to keep our place in the index both before and I hope though is not directly for me after 1997 as well, but I would like once again to thank the Heritage Foundation for their interest in Hong Kong and for their objective analysis of our situation here.
End/Monday, November 27, 1995