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"We do not favour foreign investors at the expense of local enterprises. Neither do we favour local investors at the expense of foreign enterprises."
He said Hong Kong supported competition as a means to maximise efficiency.
"Free market entry is the norm. In all infrastructural development projects undertaken wholly by, or jointly with, the private sector, we have striven to balance the interests of the community, the investors and the end-users," he added.
Mr Kwong concluded by expressing support to the suggestion that there should be enhanced information flow on the best practices in the region and offered to share Hong Kong's experiences in this field.
End
Three S's and three C's to ensure HK's prosperity and stability
The Secretary for the Treasury, Mr K C Kwong, today (Saturday) assured finance ministers of the Asia Pacific Economic Co-operation (APEC) member economies at a meeting in Cebu, the Philippines that Hong Kong's monetary and financial autonomy would be maintained under the "one country, two systems" concept after July 1 following the resumption of the exercise of sovereignty by China, as such autonomy was guaranteed under the Basic Law.
The three S's which are the preconditions of financial stability - Stability in the monetary system; Supervisory prudence; and Soundness of the public finances- will be maintained.
Mr Kwong also referred to the three C's
Continuity, Co-operation and
Confidence - which ensure Hong Kong's continued stability and prosperity.
Speaking of continuity, he said: "The success of Hong Kong has been led by markets, not by planners; by the idea of Adam Smith, not by central planning or govemment directives. Hong Kong has free markets, a level playing field, international standards and rule-based policies. All these will continue."
On co-operation, Mr Kwong said: "Even though Hong Kong has competed vigorously with other regional and international centres, we must co-operate as we do in this forum to promote regional growth and financial stability.