Funding to promote a 'local community economy' has been ruled out, despite promises by the Government to support the policy outlined in the March Budget.
Financial Secretary Antony Leung Kam-chung yesterday defended the move, saying the role of the Government was to cut red tape to make it easier for people to develop their own businesses.
More than 60 proposals have been received by the Government in relation to the policy. The Home Affairs Department, which is studying the proposals' feasibility, is responsible for co-ordinating the development of a local community economy.
Mr Leung refused to say how many of the proposals could be feasible, but ruled out the Government injecting extra money to promote the policy.
'Free markets, private investment and [their] operation underpin a thriving local community economy. The Government should not, and will not, be directly involved in business investment, decisions, or operation,' he said.
'The Government's role is one of facilitation . . . Promoting a local community economy does not entail additional government resources.'