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A panel of scholars today (February 11, Toronto time) contributed their insights at a discussion panel on "Economic Freedom of Hong Kong" that has played a major role in the Asia's world city's economic achievements in the past decades.
The timely seminar was organised by the Richard Charles Lee Canada-Hong Kong Library at the University of Toronto, a month after Hong Kong scored again its economic freedom title. For almost two decades, Hong Kong has retained its position as the world's freest economy according to the rankings by the Fraser Institute in Canada and the US-based Heritage Foundation.
The panelists included Professor Louis Pauly, Chair of the Department of Political Science of the University of Toronto; Dr Fred McMahon, Dr Michael A. Walker Research Chair in Economic Freedom, Fraser Institute; Professor Joseph Wong, Director of Asian Institute, University of Toronto; and Professor Li Kui-wai of the Economics and Finance Department of City University of Hong Kong.
The visiting Professor Li, who is also the Director of the APEC Study Centre of City University of Hong Kong, said at the seminar that with a reliable civic and economic system, the path of economic freedom in Hong Kong is the ability to generate new economic opportunities to help others prosper.
Professor Li emphasised on the need for both Mainland China and Hong Kong to preserve the foundations of Hong Kong's success. "Economic integration with the mainland economy has been an on-going activity in Hong Kong ... the exploration of mutual advantages seems to be the best outcome for both economies."
He said the attraction of economic freedom in contemporary Hong Kong could be seen by the growing number of able immigrants whom would consider Hong Kong as a breeding ground for their personal drive and the number of young educated entering Hong Kong to develop their professional careers. "Increasingly, there are immigrants and educated coming to Hong Kong from places other than Mainland China."
"After the economic recessions, the Hong Kong economy needs new investment and restructuring, allowing new jobs, industries and businesses to emerge and prosper," Professor Li said. "Hong Kong should look for ways to attract new investment locally, from Mainland China and from foreign countries."
"The rising mainland economy should be a blessing for the next phrase of economic development in Hong Kong," he said. "Economic freedom is an effective bridge that shall link Hong Kongˇ¦s past success to future new economic heights."
Professor Li also noted that under the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA), there were over 1 700 export items which are tariff-free to the Mainland. "A 'made in Hong Kong' export label could stand a good chance in the mainland market, and foreign investments can prosper by enjoying the large mainland market through production in Hong Kong."
As a sponsor of the seminar, Miss Gloria Lo, Director of the Hong Kong Economic and Trade Office in Toronto, said in her opening remarks that Hong Kong's Chief Executive, in his recent Policy Address, had stressed the firm commitment of the Government of the Hong Kong Special Administrative Region to safeguard the interests of the Hong Kong people and uphold the core values of Hong Kong. "Human rights, clean government, freedom and democracy, tolerance of differences stances and views, and respect for press freedom are Hong Kongˇ¦s core values," said Miss Lo, "Among them, judicial independence and the rule of law are also the cornerstone of Hong Kong's success."
She said that Hong Kong had enacted the Competition Ordinance which provides a legal framework to prevent anti-competitive conduct in various sectors. "Legislation will be implemented in phases and this provides an excellent business environment in Hong Kong," Miss Lo said.
Ends/Tuesday, February 12, 2013
Issued at HKT 11:16
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