The Liberal Party has called for the establishment of a high-powered advisory committee to assess the impact legislation would have on businesses before bills are passed into law.
Party chairman James Tien Pei-chun said it would operate in a similar way to the Advisory Council on the Environment, which advises the Government on projects following environmental impact assessments.
Chief Executive Tung Chee-hwa promised in his Policy Address that in formulating new policy and legislation, 'the impact on the business environment will be fully assessed'.
Mr Tien said yesterday it was time for the administration to cut fees and charges and put an end to red tape, adding that Hong Kong was gradually losing its competitiveness.
The Liberal Party conducted two surveys late last month and early this month which showed disillusionment with the economic situation.
A survey of 256 corporations found 86 per cent were dissatisfied with the business environment. Of those, 34 per cent said they were 'very dissatisfied'.
