Hong Kong may have topped rankings as the world's freest economy for more than three decades, but it still needs protection from becoming a European-style welfare state, say the founders of a new think-tank.
Entrepreneurs G. Andrew Work and Andrew Shuen Pak-man have launched The Lion Rock Institute to make up for what they call the city's 'policy deficit'.
'Most developed economies have think-tanks that play a role in the public debate informing economic policy, and Hong Kong doesn't have very active groups doing this,' Mr Work said yesterday.
'If we don't fill the policy deficit, it will be filled with people saying 'give me the money'.
Mr Work and Mr Shuen said the government's economic policy had become 'largely reactionary', with increasing subsidies, which led to deficits and higher taxes. They also found fault with the public health system, the Mandatory Provident Fund and public housing policies.
Mr Work, a former student of capitalist theorist Ayn Rand, lamented the lack of independent think-tanks in Hong Kong, but was vague on his sources of funding.