What is disturbing is that the Hong Kong government takes it so seriously, as reflected in its gushing response to the announcement.

'We see the role of the government as that of a market facilitator to provide a business-friendly environment where all firms can compete on a level-playing field,' its press statement burbles.

There is more: 'We establish an appropriate regulatory regime to ensure the integrity and smooth functioning of a free market.

'The government's strategy is to remove impediments to industries tapping into new markets. We will adhere to the principle of 'Big Market, Small Government'.'

So how about removing the Hong Kong Trade and Development Council from its octopus-like role in the conventions and exhibitions business then? This is just one example among many where the government pays lip service to the idea of free markets.

We don't want to get too bent out of shape over this, Hong Kong is clearly a good place in which to do business. But to try and make out that it is some sort of free market nirvana is nonsense.

Bankers' lament over bonuses

And continuing on the topic of economic freedom, what are we to make of managing directors at UBS in the US being directed to give 2.5 per cent of their bonus to charity? The scheme is being rolled out in the US, according to the Financial Times, but may be extended to other countries. While giving to charity is clearly worthy, there is the small matter of whether bankers should be allowed to exercise some choice in the matter, rather than be forced into it by their firms. As one banker moaned to HereIsTheCity.com, 'There's something a little 'Big Brotherish' about all this, and it's rather unsettling'.'

Nevertheless, this is a mess the banks have brought on themselves, so it's hard to feel sorry for them getting grief over their bonuses.

Brothers in arms

You may be interested to learn that Hong Kong and Israel share a lot in common. What might that be, you may rightly wonder? Is Hong Kong under daily threat of rocket attacks or suicide bombers? Is Hong Kong a Jewish state? Is it surrounded by countries that believe in its extinction? Do we have a parliamentary democracy? We could go on, but you probably get the picture.

Anyway, this is the view of the Secretary for Commerce and Economic Development Rita Lau Ng Wai-lan (pictured). 'We both have a population of around seven million people. We do not rely on natural resources, but are gifted with large pools of ingenious human talent,' she observed at the opening of the Israeli Film Festival in Hong Kong recently.

Whether that constitutes 'a lot in common' is a moot point. There are clearly more differences than similarities between the two places. It's baffling why ministers have to talk such nonsense. Thankfully, Lau managed to refrain from introducing the 'Hong Kong - Asia's World City' platitude into her remarks, a mantra trotted out by other ministers with alarming regularity.

Nothing's ever simple

Good to see that the Hong Kong government is holding a competition to design an icon to appear on the various signs that will accompany the appearance of a gleaming new harbour frontage now being built alongside what remains of the harbour. But typically of government, this competition has been made unnecessarily complicated. In the first place it is being co-organised by no less than three government departments: the Development Bureau, the Civil Engineering and Development Department and the Harbourfront Commission. There's a competition for the general public and one for students, with a prize of HK$150,000 for the winner and other cash prizes for the runners-up.

The winner will be chosen by a 'multidisciplinary jury panel' led by Michael Miller Yu of the Creation House.

In any case, the outcome will surely be no worse than the wimpy dragon that serves as Hong Kong's current icon. That design - which cost millions - looks like it should be on the end of someone's fishing line.