According to reports in the international media, the Hong Kong government appears to be taking notice of the widespread criticism of the territory's piecemeal antitrust regime, and has agreed to establish an independent committee to review competition policy.
Speaking to Forbes at the weekend, lawmaker Ronny Tong, who has been pushing for improved and coherent antitrust legislation and the creation of a competition watchdog with legal powers to investigate wrongdoing, confirmed that:
"The government is showing signs of relenting."
However, despite this encouraging move, which will doubtless be welcomed by key trading partners such as the European Union and the United States, and by international bodies such as the World Trade Organisation, reforms are unlikely to be delivered in the immediate future.
According to the Forbes report, members of the review body will be appointed in the next two months, after which the committee will have a year to deliver its recommendations.
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