Business Hong Kong

CY Leung defends interventionist economic policy, chides Liberal Party critic

Chief Executive Leung Chun-ying has written a reply to criticisms of his interventionist economic policy offered by Liberal Party chairman Felix Chung Kwok-pan.

Leung responded in a 3,500-word article, which was released to various Chinese media, including the Apple Daily. The article outlines and responds to points made by Chung, including criticisms of the chief executive’s interventionist economic policy.

In the article, Leung quotes Felix Chung as saying that the laissez-faire policy had worked well in the past.

However Leung pointed out that Chung had actually asked the government to do more to support small- and medium-sized enterprises, including helping them to invest overseas to build an industrial park, so Chung was contradicting himself.

cy leung

File photo. Photo: Apple Daily.

Leung said Chung’s suggestion would not have been allowed under the “positive non-intervention” policy.

He said in the 1980s Hong Kong entrepreneurs worked hard to move their production lines to places such as Shenzhen and Dongguan. “Following the ‘positive non-intervention’ policy the Hong Kong government did not help Hong Kong entrepreneurs to build a Hong Kong industrial park.”

八十年代初期,香港工業面臨工資和土地成本急漲問題,情況和近年珠三角類似,當年香港廠商自己胼手胝足將生產線轉移到深圳和東莞等地。在港英政府的積極不干預政策下,協助港商在珠三角建香港工業園區沒有出現。

Leung wrote in his piece that the colonial laissez-faire economic policy that Chung supported was “biased” towards British enterprises and he urged Hong Kong to reconsider whether it was in the city’s best interest.

He compared the economy of Hong Kong with those of other countries in the region and highlighted the rise of South Korea’s cultural and creative industries in recent years. “To my understanding, Korea’s cultural and creative industries did not come as a result of a non-interventionist policy on the government’s part.”

CY Leung defends interventionist economic policy, chides Liberal Party critic