DHL and the South China Morning Post launched the 23rd Hong Kong Business Awards yesterday against a stormy global economic outlook, with business leaders calling on the government to cut red tape and help small- and medium-sized enterprises weather the potentially tough times ahead.
Hong Kong General Chamber of Commerce chief executive Shirley Yuen, a member of the judging panel, also called for clarity in the regulatory environment, saying ambiguities in market regulations could stifle business growth, especially at a time when cost control mattered.
'When costs rise but prices cannot, we have to look for ways to cut back and that may mean making some difficult choices,' Yuen said.
'In times like these, we really do need to focus on our core competencies and spend less time on peripheral matters.
'That is why it is particularly painful to spend inordinate amounts of time complying with regulations that are vaguely written or are simply redundant.
'The chamber favours proper regulatory impact assessments and well-drafted laws that clearly state what is, and what is not, permitted or required.
'Unfortunately, we're not getting a lot of that these days.'
