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"The international verdict on Hong Kong remains pretty good. According to the latest report from the World Economic Forum, we are the second most competitive economy in the world.
"Both the Heritage Foundation and the Canadian Fraser Institute have named Hong Kong as the freest economy in the world. Nor is it only the think-tanks which are complimentary.
"Let me quote a few statements from the International Monetary Fund's recent report on Hong Kong:
'... no adjustments to the basic policy framework are required at this stage. Indeed, the main challenge will be to resist pressures to adopt a more interventionist approach to policy making.
'... In the event, policy actions over the past year have given little reason to doubt the authorities' commitment to their underlying approach.
'... [Our] staff agrees with the basic non-interventionist thrust of fiscal policy.
'... On the unemployment front, the authorities have resisted calls for activist macroeconomic measures, focusing instead on the microeconomic aspects of the problem. The staff views this approach as appropriate.
the staff has been encouraged by the widely-held confidence and optimism concerning Hong Kong's prospects - both of which are well justified given the authorities' ongoing commitment to sound policies.""
Mr Patten said most of the world's finance ministers would give their limousines for an endorsement like that.
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