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Four pillars of HK's economic success: FS

The Financial Secretary, Mr Donald Tsang, told a group of businessmen and professionals in Malaysia today (Thursday) that the rule of law, an enterprise spirit, a clean and efficient government and freedom of speech are the four pillars underpinning Hong Kong's economic success.

Speaking at a luncheon hosted by the Asian Strategy and Leadership Institute in Kuala Lumpur, Mr Tsang said the four pillars worked together to make Hong Kong one of the world's leading international financial centres.

He emphasised that the Basic Law guarantees that the common law system would be maintained in Hong Kong after 1997.

"We provide a stable and predictable legal environment in Hong Kong. Our laws are transparent; contract are respected and enforced," he said.

Mr Tsang said Hong Kong has a fine enterprise spirit whereby its laws and government policies ensure a level playing field for all.

"There is no exchange control, no distinction between indigenous and foreign interests and contracts are awarded on the ground of merits," he said.

He said Hong Kong was conscious of the need to maintain a small, efficient, open and accountable government which was free from corruption.

"Our public sector expenditure makes up about 18 percent of our gross domestic product (GDP) only. And we make a conscious effort to ensure that it does not grow faster than the economy as a whole.

"This underlines our belief in market forces and minimum government intervention in the economy," he said.

He said free flow of information, in particular market and economic information, was guaranteed in Hong Kong.

"We have freedom of speech and a vigilant press in Hong Kong, and the market is highly transparent. This enables investors to know exactly what has happened in Hong Kong and else where in the world," he said.