Hong Kong Chief Executive Donald Tsang said on Sunday that the starting point of the introduction of an omnibus fair competition law is to protect market order and fair competition.

Speaking on RTHK's Letter to Hong Kong program Sunday morning, Tsang said fair competition involves interplay between governance, harmony and economic development.

Hong Kong has relied on a sector-by-sector approach, whether byopening up a sector for more competition, or by introducing regulations or laws to facilitate market development or prevent market distortions, he said.

"I want to be sure we have an environment where small and medium-sized players have an equal opportunity to boost the vitality and scope of our market, as much as the big guns of the corporate world. Hong Kong people are well known for their work ethic and entrepreneurial flair," the chief executive said.

Tsang said Hong Kong's economy is in the best shape it has beenfor years, and certainly since the Asian financial crisis back in 1997 and 1998. "So, we are operating on a firm economic foundationfor change, if change is necessary."

Another reason is that Hong Kong's economy is moving further upthe value chain as the city leverage its strengths and advantages to make the most of the Chinese mainland's rapid development and enormous potential.

Apart from big international companies and home-grown conglomerates, there are also a much larger number of small and medium-sized enterprises in Hong Kong.

He stressed that "we need to ensure they have adequate opportunity and the right environment in which to thrive and excel. So, we must ensure the integrity of our level playing field."

Source: Xinhua