HONG KONG (XFN-ASIA) - The Hong Kong government's previous policy of 'positive non-intervention', which was once hailed as a pillar for the territory's economic success, is no longer in effect, Hong Kong's Chief Executive Donald Tsang said.
'The non-intervention policy was put forward a long time ago by a financial secretary, Sir Philip Haddon-Cave. We have never said it we'd made it a blueprint for our economic development,' Tsang said at an economic conference yesterday.
He said the government's current direction for economic development is based on the principle of 'big market, small government' and that the government will try its best to meet the market's needs.
Tsang cited assistance to industries and special arrangements on land uses as measures indicating the government's departure from its previous policy.
Tsang did not specify when the policy chalked out by Sir Philip had been ended.
Introduced by Sir Philip Haddon-Cave, the positive non-intervention policy limited the government's role to responding only when industries with social obligations ran into trouble and when an institution needed regulation to prevent inequitable practices.
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© 2006 AFX News
