The Government's handling of the Asian economic crisis lacked strategic thinking and undermined Hong Kong's reputation as an international trading and financial centre, according to a survey of expatriate businessmen.
The survey - by independent research group Political and Economic Risk Consultancy (PERC) - polled 400 businessmen across the region and revealed widespread dissatisfaction with the way Chief Executive Tung Chee-hwa's administration responded to the crisis compared with the authorities in Singapore.
'One thing that Singapore has that Hong Kong lacks is a government capable of strategic thinking instead of merely reacting to the pressure at hand.
'Singapore would seem to have been much quicker than the Hong Kong Government in understanding its internal shortcomings and problems and it has developed a more coherent, realistic policy for dealing with these issues,' the report said.
Reasons cited in the report for the disenchantment with the Government include the intervention in the stock and futures markets and a perception that 'it reacted to pressures rather than trying to anticipate them'.
'Instead of coming across as a flexible pro-business government willing and able to make quick adjustments to suit the shifting economic winds, the administration of Tung Chee-hwa has given the impression of stumbling its way through the crisis,' the report said.
PERC said the Government 'has seemed to be more concerned with protecting certain local vested interest groups than with promoting Hong Kong's role as an international trading and financial centre'.
