- 5 -
Maximum support and minimum intervention underpins HK's success: FS
The Government's industrial policy of maximum support and minimum intervention had underpinned Hong Kong's culture of success, the Financial Secretary, Mr Donald Tsang, said today (Friday),
Speaking at the presentation ceremony of the Young Industrialist Awards of Hong Kong 1996, Mr Tsang said the Government recognised that business decisions were best made by businessmen and that the free market mechanism was the best driving force for the economy.
The Government would maintain and enhance a business-conducive environment and keep the business routes as clear as possible of obstacles so that industrialists could concentrate on making their businesses competitive and profitable, he said.
Mr Tsang said the World Economic Forum's Global Competitiveness Report 1996 regarded Hong Kong as the second most competitive economy in the world.
In the report, Hong Kong ranked second in management and topped the world in entrepreneurship and innovation.
"The Forum attributes Hong Kong's favourable performance to its high degree of internationalism, good supply of quality manpower, presence of well-managed enterprises, business-friendly government policies and efficient financial markets," Mr Tsang said.
While praising Hong Kong's industrialists for their entrepreneurial flair, innovation and professionalism which enabled Hong Kong to make extraordinary advances in its economy, Mr Tsang pointed out that the next decade would present many new challenges.
"Given the acceleration of the globalisation of production, industrialists must continue to equip themselves with the skills to manage multi-locational manufacturing and adopt an increasingly strategic perspective in running their business," he said.
"I am confident that our industrialists will have no difficulty turning new challenges into opportunities and continuing to excel themselves," Mr Tsang concluded.
End