In his recent budget speech, Financial Secretary John Tsang Chun-wah first reiterated the government's commitment to the principle of 'market leads, government facilitates'.
He then made the following statements: 'The government will... act as a more proactive market facilitator in economic development when necessary. It is necessary for Hong Kong to reposition itself in the national plan. The past practice of enterprises moving ahead of the government may not always suit the development trend. The government will play an increasingly important role as a 'champion'.'
How far have we come in Hong Kong that these extraordinary statements have elicited no response?
In 2006, Chief Executive Donald Tsang Yam-kuen's remark about Hong Kong abandoning its policy of 'positive non-intervention' led to a rejoinder by Milton Friedman in a Wall Street Journal editorial and a clarification by Mr Tsang. There was heated debate in the community with some commentators arguing that Hong Kong was in need of more Singapore-style intervention; but generally, government was at pains to stress, through a great deal of fudge, that there was no fundamental shift in policy.
Now, we have reached a situation where a financial secretary can say, virtually in the same breath, that the market leads, but the government will play the role of champion. This time, however, the community has registered no concern or comment.
Several forces are at work here. First, there are the dirigistes in the community, in government and the legislature who hanker after the Singapore model. This is not new: they will always be with us. The surprise is that these ideas are beginning to achieve public acceptance.