Rich rancour followed this week's critical report by the European Parliament on the SAR. Government officials are well versed in the political bluster that comes with defending 'one country, two systems' and issues of judicial independence. They are less used to assaults on their much buffed free market image.
Image matters a great deal to the SAR. For decades its laissez-faire economy was lavishly lauded. Aside from the moniker of a Chinese junk, chief executives around the world may know little else about the city other than a reputation for open trade, low taxation and free markets.
It was never that simple (what is?), but success begets success and the icon status remains.
Now an Irish European Parliament member has been rude enough to suggest otherwise. His attack on Li Ka-shing's market dominance may have been skimmed from local media reports rather than any empirical analysis, yet like any hurtful jibe it rankled because it hit home.
Of course, Mr Li wields too much influence. He controls too many industries and too many prices. He sits at the apex of too many cosy cartels, whether they be arranged in smoky rooms or occur without conscious design.
We know this simply by observing the excess returns made by his firms over so many years. These prove beyond a shadow of doubt that he is an oligopolist earning unjustified economic rents to the detriment of the rest of us. He should be stopped immediately with competition laws enacted to allow a level playing field that protects consumers.
