The group comprises of members of the Asia Competition Law and Economics Centre (ACLEC) of The Hong Kong Polytechnic University (PolyU) and academics of overseas universities.
"The Competition Bill has proved controversial since its introduction to LegCo last July," said Professor Mark Williams, Associate Head, School of Accounting and Finance, PolyU. "We consider that many of the objections we have heard voiced against the Bill are not valid and not borne out by overseas experience. In our memorandum to the Bills Committee, we reply to twelve such objections, referring to the experience of countries that already have competition laws in force."
The academic group rejects critics' claims that a competition law is unnecessary in Hong Kong, is over-ambitious or could even undermine local businesses' competitiveness. "The Competition Bill is soundly based in economic principle and international experience," says Dr Andrew Simpson, Assistant Professor of PolyU. "While some sectors of the business community are anxious about the proposed law, experience in over 100 countries shows that competition laws cause minimal compliance costs but bring significant benefits for businesses and consumers alike." The group also disagrees with suggestions the Bill is vague or the proposed penalties too high, explaining that high maximum penalties are necessary to deter firms from exploitative conduct that can cause great economic harm.
The group also calls on the HKSAR Government to ensure that the proposed law also covers economic activities of government unless there are overriding policy considerations that are tested through a transparent process.
Those who participated in drafting the responses include academic lawyers and economists from local and international universities including PolyU, Lingnan University, The University of Hong Kong, and the The Chinese University of Hong Kong in Hong Kong; Chinese Academy of Social Sciences, Shanghai Jiaotong University, and China University of Political Science and Law in the Chinese mainland; The Australia and New Zealand School of Government, University of Melbourne, and University of New South Wales in Australia; University of Haifa in Israel; Kansai University in Japan; National University of Singapore; University of East Anglia, and King's College London in the United Kingdom; Chicago Kent College of Law, DePaul University, and New York Law School in the United States.
Background
The Competition Bill was introduced to LegCo in July 2010. Its terms are currently being considered by a LegCo Bills Committee chaired by the Honourable Andrew Leung Kwan-Yuen, GBS, JP.
The Asia Competition Law and Economics Centre (ACLEC) is an independent, non-profit research centre based at Hong Kong Polytechnic University and chaired by Professor Mark Williams. ACLEC undertakes interdisciplinary academic research projects to create new knowledge and to advance the understanding of competition-related subjects in the Asian region and beyond.
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Press Contacts
Ms Wendy Wong
Faculty of Business
Tel: (852) 3400 2582
Fax: fbmkwong(at)polyu.edu.hk
