XN000022-1975-04-03 — Page 11

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THURSDAY, APRIL 3, 1975

HONG KONG'S ECONOMIC POLICY NOT PURE LAISSEZ-FAIRE

SAYS DIRECTOR OF COMMERCE AND INDUSTRY

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THE DIRECTOR OF COMMERCE AND INDUSTRY, THE HON. DAVID JORDAN, TODAY DESCRIBED HONG KONG'S ECONOMIC POLICY AS NOT LAISSEZ-FAIRE BUT MINIMUM INTERFERENCE,+

HE SAID THAT WITHIN THE FRAMEWORK OF THIS LONG-STANDING POLICY HONG KONG HAD TRANSFORMED ITSELF FROM A TRADING PORT TO A GREAT MANUFACTURING CENTRE.

HE WARNED THAT WE SHOULD THINK VERY CAREFULLY ABOUT MODIFYING IT. →WE SHOULD TAKE CARE NOT TO THROW THE BABY OUT WITH THE BATHWATER, HE SAID.

MR. JORDAN MADE THIS STATEMENT DURING THE RESUMED BUDGET DEBATE IN LEGISLATIVE COUNCIL TODAY IN REPLY TO MR. JAMES WU'S COMPLAINTS ABOUT THE LACK OF CLOSER CO-OPERATION AND PROPER CO-ORDINATION TO ACHIEVE BETTER ECONOMIC PROGRESS.

MR. JORDAN POINTED OUT THAT IF HONG KONG'S ECONOMIC POLICY WERE PURE LAISSEZ-FAIRE IT WOULD HAVE NO COMPANIES LEGISLATION, SECURITIES LEGISLATION, NO STATUTORY EXPORT CREDIT INSURANCE CORPORATION, TRADE DEVELOPMENT COUNCIL AND OTHER SUCH BODIES.

HE SAID THAT THE GOVERNMENT HAD IN FACT BECOME STEADILY MORE INVOLVED IN REGULATING ECONOMIC ACTIVITY AND IN PROVIDING SERVICES TO ASSIST THAT ACTIVITY.

+80 1 THINK THAT THE DIFFERENCE BETWEEN MY HONOURABLE FRIEND AND ME IS ON A QUESTION OF DEGREE RATHER THAN OF PRINCIPLE,+ HE SAID.

MR. JORDAN SAID THAT CO-ORDINATION REQUIRED FIRST THE DETERMINATION OF THE OBJECTS TO BE ACHIEVED AND THEN WHERE VOLUNTARY CO-OPERATION FAILED. THE INVOCATION OF AUTHORITY. AND ADDED: +CO-ORDINATION OF THE ECONOMIC DEVELOPMENT OF HONG KONG WOULD, I BELIEVE, INEVITABLY INVOLVE MORE GOVERNMENT CONTROLS AND REGULATIONS WHICH MY HONOURABLE FRIEND SAYS MUST DE VIGOROUSLY RESISTED. AND I AGREE WITH HIM.›

MR. JORDAN FURTHER EXPLAINED THAT ALTHOUGH IT WAS PART OF THE COMMERCE AND INDUSTRY DEPARTMENT'S JOD TO ENCOURAGE AND ASSIST AND PROMOTE INDUSTRIAL INVESTMENT AND DEVELOPMENT, THE DECISIONS MUST BE LEFT TO THE ENTREPRENEUR HIMSELF.

/HE SAID THAT