YES WE HAVE!
Hong Kong’s Competition Law Has Been Delayed
HONG KONG – The Lion Rock Institute is pleased to announce that on February 27th, in the House Committee of the Legislative Council, the administration confirmed that the competition law will be postponed due to “technical issues.” This is a big moment for The Lion Rock Institute. Lion Rock has been educating the public on the fallacies of this law and initiating public debate from its very inception. From the outset, The Lion Rock Institute was one of the leading critics of the proposed competition law while most others were indifferent to government role in hindering competition. Now, however, a chorus of critics has grown, speaking out against the proposed law as Lion Rock paved the way with their messages: Monopolies need government law; Competition law would be disastrous for Hong Kong; The business sector, government and the consumer alike would lose out to vested interests; Like so many others, competition policy would have the exact opposite effect than intended.
Lion Rock is in support of greater competition, but only so long as the playing field remains fair. The law remains faulty without a focus on the broader need to develop competition policy that involves reform of government and legislation. Lion Rock created CARE Hong Kong (Coalition Against Regulatory Expansion in Hong Kong) to further the debate, gathering a group of international experts, all who were astonished to find the world’s freest economy planning such a law, to submit comments to the government. Over the last months, with HKCER (Hong Kong Centre for Economic Research), Lion Rock hosted competition luncheons dedicated to furthering the debate and highlighted the myriad problems with existing laws.
The Lion Rock Institute is in this fight for the long run. They will continue to spread their message, disseminating the hypocrisies of this law to the public and demonstrating the grave danger Hong Kong will find itself in should it adopt a competition law.
Related Publications: The Lion Rock Institute Submission to the Government for Consultation on Competition Law; CARE HK Submission to the Government for Consultation on Competition Law
Related News Articles: (WSJ) How to Make Hong Kong Uncompetitive; (SCMP) Exchange with Government on Competition Law
The Lion Rock Institute, founded in 2004, is a public policy think tank advocating free market solutions for Hong Kong’s policy challenges.
The Lion Rock Institute subscribes to the view that open and free markets, strongly defended property rights, small government, low taxes, and minimal restrictions on the business environment create the best environment for freedom and prosperity.
For more information, visit www.lionrockinstitute.org