The existing competition policy has been in operation for years and it is time to re-examine how best to safeguard competition in Hong Kong, Deputy Secretary for Economic Development & Labour Michael Wong says.

Speaking on a radio talk show today, Mr Wong said in the long term, competition offers benefits for Hong Kong's economy, adding the Government is keeping an open mind to the need for legislation.

Mr Wong said a newly released discussion document has outlined ways in which Hong Kong's competition policy might move forward to achieve the objective of enhancing economic efficiency, protecting free trade and benefitting consumers.

He believes the time is ripe for the introduction of a cross-sector competition law, and that we must assure our business community - particularly small and medium enterprises - that this will not impose on them onerous compliance costs.

Mr Wong said there are now more than 80 countries with a competition law and their experience has shown it is not as harsh a law as some may imagine.

He said the commercial sector is looking at the issue in a rational way. He called on the public to air their views, adding the Government will decide the way forward after taking into account their opinions.