Fairness first: Financial Secretary Henry Tang says the underlying principle for Hong Kong's competition policy is fairness.

Financial Secretary Henry Tang says the Government will carefully review the recommendations of the Competition Policy Review Committee, which submitted its report on Hong Kong's competition policy today.

Mr Tang noted the report looks at managing competition, including both the intra-industry and inter-industry regulations, the underlying principles of fair competition and optimising the market through competition.

He said there is no timetable for competition measures yet, adding that a public consultation on the recommendations will be held and the proposals are passed to the Executive and Legislative Councils.

Committee chairman Christopher Cheng said the report was compiled after detailed consideration of local and foreign competition policy and practices.

"In putting forward our recommendations, we have had regard to the objective of enhancing competition to promote economic efficiency and free trade, to the benefit of consumers," he said.

The Competition Policy Advisory Group, chaired by Mr Tang, will discuss the committee's report later this week and brief legislators.