Hong Kong's success has made it a topic of popular discussion in the international media and business and economic circles.
From time to time, politicians from around the world have cited Hong Kong's laissez-faire policy as a model.
However, the truth is that the successful implementation of Hong Kong's economic policy under British rule has had much to do with its status as a colony, which was run by civil servants who did not need to worry about pleasing an electorate to remain in power. Understandably, officials would not admit this was the case.
But Sir Sze-yuen Chung, a distinguished industrialist who was senior unofficial member of the Executive Council, had no problem making a frank admission.
Reflecting on Hong Kong's post-war development, he said: 'Hong Kong has benefited over the years from the lack of democracy. The irony is that in the late 1950s and 1960s, I was supporting the manufacturers' demands that the Government do more to protect industry by imposing an import duty on some products and providing incentives for local factories.
'There were also calls on the administration to introduce a minimum wage for workers.
'If there had been any form of democracy then, the Government would have been under pressure to meet these demands, and it would have been the end of Hong Kong as a free port and a territory with low taxation.
