HK 'thriving on competition'

Ayra Wang

Hong Kong's healthy competitive market is the key to its success, Secretary for Commerce and Economic Development Algernon Yau Ying-wah said.

Speaking at the Hong Kong Competition Exchange 2025 at the Hong Kong Ocean Park Marriott Hotel yesterday, Yau said Hong Kong's status as a global leader in economic freedom and its commitment to maintaining a competitive market.

"The word 'free' is in the spirit of Hong Kong," Yau said, adding that the city's free flow of capital, information and talent are key factors behind its success, all of which are guaranteed under the Basic Law.

Also key is its healthy competitive market, which leads to better prices, products and choices for consumers.

He noted that Hong Kong's competition legislation was ranked seventh in the latest World Competitiveness Yearbook, reflecting the city's robust regulatory framework.

Yau said the SAR's attractiveness to investors can be gauged by the record 10,000 overseas firms operating here by the end of last year, 10 percent up from 2023.

"This is a vote of confidence in Hong Kong," Yau said. "We are grateful for that, and we will continue to do our best to make Hong Kong a prime investment location."

Competition Commission chairman Samuel Chan Ka-yan expressed support for the administration's plan to institute a regulatory framework for ride-hailing platforms by this year. "Competition leads to progress," he said. "With fair competition between taxis and ride-hailing services, we can enhance efficiency and encourage innovation."

Chan, who has used ride-hailing platforms in the mainland, said competition leads to improved service quality and efficiency.

Regarding the State Administration for Market Regulation's investigation of US tech giant Google for alleged violations of China's anti-monopoly law, Chan said the commission has a dedicated team that monitors anti-competitive issues and enforcement both domestically and internationally and will take necessary action regarding violations of local competition law.