China's 'one belt, one road' initiative best led by markets, urges Hong Kong finance chief
Governments participating in China’s multinational “one belt, one road” initiative should let markets decide on the most efficient way to allocate resources, Hong Kong’s finance minister said.
Governments taking part in China's multinational "one belt, one road" development strategy should let markets decide on the most efficient way to allocate resources, Financial Secretary John Tsang Chun-wah said yesterday.
Tsang's remarks came after the central government stepped in to stabilise the stock market, a move criticised as a departure from market liberalisation.
Speaking at the One Belt, One Road International Forum at the Convention and Exhibition Centre in Wan Chai, Tsang said it was important for participants to abide by market rules.
"We must … let the market decide the most efficient way to allocate resources, pursue reasonable returns, and manage risks in a prudent manner."
He said governments involved in the economic initiative, which covers mostly Asia and Europe, should facilitate the joint effort and take a more active role "only when the market has found it difficult to operate".
Capital, regardless of its origin, should be treated fairly and equitably, Tsang said.
"This, in a way, will reinforce the credibility and sustainability of the collaboration."