HK Finance Secretary Expresses Strong Belief in Market Forces

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Last updated at: (Beijing Time) Saturday, August 23, 2003

HK Finance Secretary Expresses Strong Belief in Market Forces

Hong Kong's Finance Secretary Henry Tang said Friday that he is "a firm believer in market forces."

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Hong Kong's Finance Secretary Henry Tang said Friday that he is "a firm believer in market forces."

"We should basically leave the market to function," Tang said, adding that "small government, big market" is definitely the way to go.

Tang was appointed as finance secretary of the Hong Kong Special Administrative Region by China's State Council, the central government, in early August.

While delivering a speech at a luncheon hosted by the Federation of Hong Kong Industries Friday, Tang said, "I will do my utmost to serve the best interests of the people of Hong Kong. I will try to improve our economic fortunes and also manage our public finances prudently."

He also said he would seek the views of a wide range of interests and different sectors before making any major decisions.

He pointed out that he believed very strongly in policy consistency as it is imperative that the Hong Kong Special Administrative Region government provides a stable environment for businesses to invest and prosper.

On the above-mentioned basis, Tang said he would address the unprecedented challenges Hong Kong is facing, namely economic restructuring, high unemployment, fiscal deficit and deflation.

"These four are very, very big questions and very, very challenging issues," he said.

However, he added that "we can overcome these problems if we act together and work towards our common goal of reinvigorating the Hong Kong economy."

Despite the difficulties Hong Kong faces, he said, he always had the greatest confidence in the future of Hong Kong because of the people of Hong Kong.

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