Page "Economy of Hong Kong" Paragraph 8

This policy has often been cited by economists such as Milton Friedman and the Cato Institute as an example of the benefits of laissez-faire capitalism.

However others have argued that the economic strategy was inadequately characterised by the term laissez-faire.

They point out that there are still many ways in which the government is involved in the economy.

The government has intervened to create economic institutions such as the Hong Kong Stock Market and has been involved in public works projects and social welfare spending.

All land in Hong Kong is owned by the government and leased to private users.

By restricting the sale of land leases, the Hong Kong government keeps the price of land at what some would say are artificially high prices and this allows the government to support public spending with a low tax rate.