When Hong Kong was recently removed by the Heritage Foundation from its Index of Economic Freedom, Financial Secretary Paul Chan criticised the decision as being motivated by “their ideological inclination and political bias”. But Hong Kong’s policymakers were eager to embrace the Index and its underlying methodology when Hong Kong topped the rankings. Market failures related to global finance and Covid-19 should have made policymakers realise that to function well, free markets require sound rules. Hong Kong needs to consider how it can achieve a better state-market balance in a post-pandemic world rather than cling to outmoded ideas of the free market.
Read the opinion piece on South China Morning Post published on 14 March 2021.