Blog

Safeguarding fair competition

A gist of the blog:

Free and fair competition has all along been one the core values of Hong Kong. Through market competition, consumers can receive more choices, better quality services and products at a more favourable price. Hong Kong’s ongoing efforts in maintaining a free and fair competitive market have been widely recognised and contribute to our competiveness in the international market.

Hong Kong’s Competition Ordinance (the Ordinance) came into full force three years ago. This was the first time the Government introducing a cross-industry anti-competition regime, demonstrating its determination to uphold the principle of fair competition. Since the launch of the Ordinance, public awareness on fair competition has been increasing. Empowered by the Ordinance, the Competition Commission (the Commission) would investigate and take enforcement actions against alleged anti-competition conduct.

In fact, with the commencement and increasing public awareness of the Ordinance, more industries have taken action to correct their deep-rooted “hidden rules”. I believe such move will bring in changes to other industries’ practices which can in turn benefit consumers.

The Commission enhances public awareness on fair competition through a variety of publicity and educational activities, and shares knowledge and experiences with overseas organisations to increase its professionalism. In this November, the Commission organised its inaugural international conference, Hong Kong Competition Exchange 2018. It also launched an online platform, Competition Exchange (www.compex.org), to provide valuable resources on competition related matters.

Given the Commission’s important role in safeguarding fair competition in Hong Kong, I have increased the annual subvention for the Commission from $80 million to $120 million starting from this financial year and would further strengthen our assistance gradually. In addition, another $238 million dedicated fund will be allocated for the Commission’s litigation expenses. I shall provide sufficient resources to support the Commission’s work, with a view to fighting against all kinds of anti-competitive practices so as to protect consumers’ right.

November 25, 2018