Hong Kong, China
| We have promulgated our Statement on Competition Policy
in May 1998. The objective of our competition policy is to enhance economic
efficiency and free flow of trade, thereby also benefiting consumer welfare.
We are committed to competition as a means to achieving the said objective,
and not as an end in itself.
We consider competition is best nurtured and sustained by allowing the
free play of market forces and keeping intervention to the minimum. We
will not interfere with market forces simply on the basis of the number
of operators, scale of operations, or normal commercial constraints faced
by new entrants. We will take action only when market imperfections or
distortions limit market accessibility or market contestability, and impair
economic efficiency or free trade, to the detriment of the overall interest
of Hong Kong. We will strike the right balance between competition policy
considerations on the one hand, and other policy considerations such as
prudential supervision, service reliability, social service commitments,
safety, etc., on the other hand. |