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"Hong Kong has undergone major restructuring of our economy. The decline in the manufacturing sector has been more than offset by a rapid expansion in the services sector.

"Services industries now account for some 80 per cent of our GDP," he added.

"We do not adopt any interventionist policies. Instead we let market forces prevail. We give our businessmen a free hand. This nurtures their entrepreneurship, dynamism and willingness to meet new challenges.

"The Government only seeks to create a favourable environment and provide maximum infrastructural support, rather than to interfere or direct business decisions," he said.

Noting that East Asia is emerging as the principal driver of the global economy of the 21st century, Mr Tsang urged member economies to take a fresh look at the existing rules to ensure that the multilateral trading system respond to modern commercial realities.

"I am glad that the Leaders Declaration reaffirms the primacy of an open multilateral trading system based on the WTO," he said.

Mr Tsang was also delighted that reference to information technology was made in the Leaders Declaration.

During the APEC Economic Leaders Meeting, Mr Tsang held several meetings with other member economies and discussed with their Leaders on matters of mutual

interest.

End

Consumer Council's Study Report on Competition Policy

The Government welcomes the publication of the Consumer Council's Study Report on Competition Policy today (Monday).

"We congratulate the Consumer Council on its completion of the study," a Government spokesman said. "The Council has put in much effort in the past three years in conducting a series of studies on competition and in publishing six sector- specific study reports as well as this main study report."