Day 2 of Conference 2016

Sorry readers, delayed posting of Day 2, EFN Asia Conference 2016 in Manila last November….

New FNF-PH Country Director Wolfgang Heinze delivering the welcome remarks for Day 2.

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Below are some tweets under #efnasia2016

(1) From ruben dieckhoff ‏@rdieckhoff, 22-23 Nov 2016

“All politics is local.” To save free trade/globalization you have to win the battles at home first says @barunsmitra

@razeensally wonders whether you can keep up economic growth while trampling on human rights of the citizens

When political families move from controlling to owning companies this is neo-cronyism and eventually fails. See: Arab Spring

.@laveeshbhandari: how you can be free without education? Highlights susceptibility to populism for people who feel left behind

First protect dignity and rights of all individuals. Then start talking about economic liberty. Strong stance by @LoeningMarkus

(2) from FNF Philippines ‏@FNFPhilippines, 22 Nov 2016

Peter Perfecto: There is a tendency to rely heavily on the business sector, but there is only so much that business can do.

Dr. Laveesh Bhandari: There are enough laws that try to inhibit crony capitalism, but they very rarely get implemented.

Fred McMahon: The real driver of poverty reduction is not CSR, but economic freedom.

Fred McMahon: You cannot find a stable democracy that does not have a high level of economic freedom.

(3) Barun Mitra ‏@barunsmitra  22 Nov 2016

The discussion over basic rights and freedoms, have got confused by including entitlements and aspirations: Nick Sallnow-Smith

#EFNAsia2016 Rich & poor nations, high & low growth ones, democracies or not, across the world are experiencing populist nationalist upsurge

(4) Others:

Akash Shrestha ‏@aaktung  22 Nov 2016

“In an economically free society, you only get ahead by making other people better off” – Fred McMahon.

PichuLo ‏@pichuuu  22 Nov 2016

Random thought:How can local small and medium enterprises compete if we’re pushing for the free market to gain economic freedom?

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FNF Philippines ‏@FNFPhilippines  21 Nov 2016

Wan Saiful Wan Jan: Definitions of human rights vary. What may be HR violations to some can be another’s sole income source. #efnasia2016

Armin Reinartz ‏@Armin_Rz  21 Nov 2016

#TPP is dead. Trade agreements fail because of protectionist attitude, not #HumanRights provisions, Dr. LEE Taekyu,KERI Korea #EFNAsia2016

Siegfried Herzog ‏@biberacher  21 Nov 2016

Free Marketeers keep having to play catch-up to Human Rights concerns that are framed in a way hostile to markets #efnasia2016

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My own tweets:

Economic #freedom means freedom of individuals to acquire, own, control, sell, donate private #property

Rising #inequality per se not prob but poverty. If poverty declined but inequal increased, fine. It’s not good to stop excellence.

Some consider child labor as HR violation but some households, it is necessary. If sole breadwinner is gone, young need to work.

Corporate branding will help global firms stay the course in #HumanRights and econ freedom protection, respecting #ruleOfLaw.

VP @lenirobredo was here day 2 #efnasia2016 conf. She talked abt rising inequality. Actually poverty declined, many poor became middle class.

No planner would know every indiv preference… Invasion of others’ freedoms, Liberal people end up illiberal – Nick Smith, LRI

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Economic freedom, taxes and tariffs in Asia

* This is my article in BusinessWorld last December 01, 2016.

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Human prosperity is not possible if there is no economic freedom, if people do not have the freedom to own private property and have freedom to trade. Misery is the result if people live under political dictatorships and bear the effects of the state’s economic central planning.

These, among others, were the topics discussed in the two-day Economic Freedom Network Asia (EFN Asia) Conference 2016 last Nov. 22-23, 2016 at Dusit Hotel, Makati City. The event’s theme was “Economic freedom and human rights in business,” primarily sponsored by EFN Asia and the Friedrich Naumann Foundation for Freedom (FNF).

The event also launched the results of the Economic Freedom of the World (EFW) 2016 Report by Fraser Institute in Canada. The EFW index is measured by getting the scores (0 to 10, zero is totally unfree and 10 is full economic freedom) of countries covering five criteria: (1) Size of government, (2) Legal system and property rights, (3) Sound money, (4) Freedom to trade internationally, and (5) Regulation.

Countries with big governments and high taxes get low scores in the first measure while nations with highly corrupt legal systems and unstable property rights protection will receive low ratings in the second, and so on. The composite score of the five criteria covered is generated and countries are ranked from highest to lowest (see table).

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The numbers on the right show the following.

One, for many years now, Hong Kong and Singapore are recognized as the two freest economies in the world. Their governments are strong in enforcing the rule of law and protecting property rights, have low income tax rates, zero or near-zero tariff rates. They may have many non-tariff barriers (NTBs) but that is for another paper.

Two, many ASEAN countries are in the middle tier in global ranks out of 157 countries covered. Outliers are Singapore which is high up there, and Vietnam and Myanmar which are among the bottom-ranking countries.

Three, the Philippines and other ASEAN countries’ score and global ranking do not significantly move up or down and I think there are flaws in the scoring made by Fraser. Here’s why.

In sub-area “Freedom to own foreign currency bank accounts,” the Philippines, Malaysia, Thailand, and Vietnam got 0 (out of 10). Similarly, these four countries also posted low scores in criteria 3, Sound Money. I think foreigners and foreign corporations can own forex bank accounts here in the Philippines, also in Malaysia, so why did Fraser give a score of 0?

In sub-area “Capital controls,” the Philippines, Malaysia, and Vietnam scored only 0.77 while Indonesia and Thailand scored 1.54 (again, out of 10) such that their scores under Area 4, Freedom to Trade Internationally, are again low.

Perhaps the capital control that Fraser refers here is the maximum amount of Pesos (about P10,000) and dollars ($10,000) that Filipinos and foreigners can bring in or out when they travel abroad. But many travelers hardly use big cash for their transactions, they use credit and debit cards. People can also send huge amounts of money anytime via banks or money couriers from abroad to the Philippines and vice versa, without capital control limits.

Since countries’ global ranks are separated only by one or two decimal places, significant low score in Areas 3 and 4 in this case would mean overall low score. As a result, the Philippines’ overall score of 7.01 made it rank 80th while Taiwan’s score of 7.65 made it ranked 23rd. A difference in score of 0.64 already spells a huge difference of 67 places in global ranking.

Fraser should either check its data properly or adjust the scoring.

Instead of 0 or 10 for “freedom to own forex account,” “capital control” and other sub-areas, it may adjust the score to 0 or 4 or 5. This will reduce the distortion in overall score and hence, in global ranking.

Nonetheless, Fraser is doing a good job in promoting the philosophy of economic freedom, free trade, rule of law, low taxes and limited government. Its annual EFW report is being cited in various international studies and helps guide civil society and corporate leaders, government and public policy makers in instituting reforms towards a freer, more prosperous world.

 

Bienvenido S. Oplas, Jr. is the head of Minimal Government Thinkers and a Fellow of SEANET. Both institutes are members of EFN Asia.

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Day 1 of Conference 2016

efn0The Economic Freedom Network (EFN) Asia conference 2016 at Dusit Thani Hotel in Makati ended last Wednesday. Thanks again FNF and EFN for another wonderful conference.

Here are some tweets from #efnasia2016 and my own thoughts about the event.

Protection of human rights is part and parcel of EU policy – Walter van Hattum, EU Delegation to the Philippines.

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It’s a responsibilty of businesses to respect human rights… It is state duty to protect and defend human rights in its territory.

Nobody can seriously suggest that businesses can opt in and out of respecting human rights as they wish… There is legal obligation for businesses to respect HR.

Businesses should be as transparent as possible so they will be less likely to be attacked by false news. Business leaders are often uncomfortable explaining to the public how they work. It’s understandable but unwise. — Markus Leöning, former Himan Rights Commissioner in Germany.

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Increasingly populist goverments a threat to human rights and economic freedom. The pendulum has swung as globalization has failed in its promises to those who have lost out in its benefits. Food for thought. — Frank Largo

For me, among the important human rights of the people is freedom to choose in the market place, freedom to sell or not sell, freedom to buy or not buy. Political human rights like the right or freedom from theft (especially organized criminals), murders, prosecution and harassment, that is where the state should come in.

A minimal government focused on enforcing the rule of law, enforcing contracts between and among people, is consistent with economic freedom and human rights protection. That minimal govt should have no business creating and expanding lots of endless welfarist programs. Prosperity is not an entitlement or privilege. Lazy and irresponsible have no right to a prosperous life, they deserve poverty. Politically incorrect statement, as usual.

Rule of law means the law applies equally to unequal people. So the law should apply to both rich and poor people, to big/giant and small firms. A law or contract can be written, verbal, done by govt or private entities. Basic human rights then means that people have access to such equality before the law.

Below, Rainer Heufers moderating, with Wan Saiful Wan Jan, Peter Kompalla, Rishi Sher Singh, Dr. Manzoor Ahmad in the new panel.

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People’s definitions of human rights vary. What may be HR violations to some can also be another’s sole income sourceDefinitions of human rights vary. What may be HR violations to some can be another’s sole income source. — Wan Saiful Wan Jan

Good point. Some westerners may consider temporary child labor as HR violation already but for some households, it is ok and necessary. If a sole family breadwinner is gone for instance, the young need to work to help sustain the family. Harsh but necessary.

Stakeholder values, not just shareholder values. — Rishi Sher Singh

Barun Mitra tweets:

Business of business is indeed business! Inclusive of profitability for investors, benefit to consumers, add values to society.

Better protection of human rights, improved environmental quality, higher sense of justice, necessary social value additions.

Value added products, economic and social, become affordable with prosperity, and necessity in a free competitive market.

Implentating Rule of law carries cost, level of effective enforcement has to be affordable, economically socially politically. #EFNAsia2016

I think corporate branding will help global firms stay the course in HR and econ freedom protection, respecting #ruleOfLaw. Firms would dislike to be associated with bad products, bad services, bad corporate image. So they will try to be as transparent as possible, to be accountable to their products and practices. Transparency is good protection vs negative image/attacks.

Session 2 Panel speakers: H.E. Franz Jessen of EU, Dr. Lee Taekyu of KERI, and Atty. Arpee Santiago of Ateneo Human rights Center.

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Govt and countries don’t trade, individuals and businesses do. Govt negotiating trade treaties leading to anti-trade backlash.

Free trade is voluntary, so win win. Govt negotiations may liberalise trade, but legitimises govt in trade n economy, corruption.

Environment, labour or human rights standards in national trade treaties, focus on outcomes, give advantage to large, richer cos!

Society / govt benefit most if they adopt unilateral free trade. All politics is local, a local decision will minimise backlash.

Govt negotiating trade, inevitably adopt export is good, import is bad outlook. Free trade is beneficial when govt has no role.

Access to internet can’t be a “Right”. Political rights are negative rights. Any +ive right paid for by others can’t be a RIGHT.

TPP may be good agreement, but has lost legitimacy because govts. no longer carry credibility among large sections of people. –– Barun Mitra

As usual, I agree with Barun’s ideas and observations: unilateral trade liberalization; countries and governments do not trade with each other, people do; so governments, national and multilateral, should step back from trade negotiations as much as possible. Let companies and people organizations negotiate with their suppliers and consumers abroad and keep prices low via low or zero tariff, minimal non-tariff barriers

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Program of Conference 2016 in Manila

The Economic Freedom Network (EFN) Asia conference 2016 will start in two days, November 22-23, 2016 at Dusit Thani Hotel, Makati. It is organised by EFN Asia and Friedrich Naumann Foundation for Freedom (FNF), with support from four organizations: the Philippine Economic Society (PES), EU Delegation to the Philippines, Ateneo Human Rights Center, and Bloomberg TV Philippines.

The program is here, http://efnasia.org/wp-content/uploads/2015/10/EFN-Asia-Conf-2016-Full-program-as-of-17.11.pdf. Below, I just copy-pasted the program minus the time and some space.

MC for Day 1 will be Minnie Salao, Program Manager, FNF – Philippines, and Pett Jarupaiboon, Regional Program Manager (Economic Freedom and Human Rights), FNF Southeast and East Asia (based in Bangkok).

Good line up of speakers from many countries on Day 1.

I think President Duterte’s admin might raise their eyebrows on the subject of “human rights”. But the conference will talk less, if ever, of murders and large deaths in the on-going “drugs war” of the government, more on the conduct of business in the age of expanding trade and business globalization.

Day 2 of EFN conferences are always devoted to the launching and discussion of the annual EFW reports by Fraser Institute, based in Vancouver, Canada. Fraser is almost always represented by Fred McMahon for several years now.

Session 9 will be a more political discourse of human rights but not necessarily mentioning the Philippines. This is because the three speakers — Tom (US), Razeen (Sri Lanka) and Barun (India) — are long-time fighters of individual freedom, dating back to 3 decades ago or more.

Economic freedom, not economic central planning. Rule of law, not rule of men and dictators. Looking to another exciting conference next week.

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Economic freedom and human rights

* This is my article in BusinessWorld last October 18, 2016.

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Economic freedom is the ability and privilege of people to engage in various social and economic activities without unnecessary restrictions and prohibitions. Such freedom is guided by voluntary exchange, open markets, personal choice and accountability, and clearly defined private property rights.

People are economically free if they can choose to buy or not buy certain goods and services from various sellers, when they are not forced and coerced to buy something expensive and/or poor quality. Freedom is not absolute though and free people have no freedom to harm other people nor destroy, burn or steal their private properties.

Human rights include the right to life, right to private property, and right to liberty and security of person. Thus, even a person who has committed a wrong act should be given due process to defend him/herself from false or exaggerated accusations. Murders of individuals based on flimsy or unsubstantiated accusations like what is happening in a number of instances in the on-going war on drugs are deprivations of those people’s human rights.

Combining these two concepts is very important for people to live with freedom and dignity.

And these two concepts will be tackled in a big international conference by the Economic Freedom Network (EFN) Asia on the theme, “Economic freedom and human rights in business” this coming Nov. 22-23 at Dusit Thani Manila Hotel, Makati City. The conference is jointly organized by EFN Asia Economic Freedom Network Asia (EFN Asia) and the Friedrich Naumann Foundation for Freedom (FNF), supported by four local organizations, the Philippine Commission on Human Rights (CHR), Philippine Economic Society (PES), Ateneo Human Rights Center (AHRC), and Bloomberg TV Philippines.

Among the key speakers and major resource persons in this event will be Siegfried Herzog, head of Regional Office, FNF South East and East Asia; Ms. Rosemarie Edillon, president of PES; Markus Loening, former German Federal Government Commissioner for Human Rights Policy and Humanitarian Aid, and Vice-President Leni Robredo.

Other speakers will be Wan Saiful Wan Jan, CEO of the Institute for Democracy and Economic Affairs (IDEAS), Malaysia; Chito Gascon, chairperson of CHR; Franz Jessen, ambassador and head of Delegation of the European Union to the Philippines; Nicholas Sallnow-Smith, chairman of the Lion Rock Institute, Hong Kong; and Peter Perfecto, executive director of the Makati Business Club (MBC).

So, how economically free are the people of the Philippines and big nations of the ASEAN? How free or unfree are they from heavy regulations that tend to restrict entry into markets and interfere with the freedom to engage in voluntary exchange?

The Economic Freedom of the World (EFW) 2016 report give scores to countries (0 most unfree, 10 most free) based on five criteria and areas: (1) Size of government, (2) Legal system and property rights, (3) Sound money, (4) Freedom to trade internationally, and (5) Regulations. Then they are ranked from the most free to the least free economies.

For this short paper, only the performance in Area 5 will be tackled and in particular, sub-areas on labor regulations and business regulations.

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The Philippines has a modest score in both labor and business regulations, meaning not yet choked by those multiple bureaucracies and permits. In particular, the country has a good score in labor hiring regulations and enforcement of the minimum wage, but it has a low score in hiring and firing of employees.

From some existing policy debates in the Philippines today, we can apply the principles of economic freedom and human rights on these issues.

(1) On labor contracting including endo, being hired for short-term labor contracting is a privilege, a human right for new job entrants and the unskilled. It is much better than being rejected and not hired by employers because of the high cost of hiring new additional workers and the threat of government harassment for firing the un- or less-experienced, less skilled people.

(2) On a nationwide minimum wage and abolition of regional wage disparities, this one-size-fits-all policy will make hiring people in the provinces become more expensive, and, as a result, there will be fewer hiring of lesser-skilled, lesser-experienced people. There are now more machines and robots available that can slowly replace more laborers.

(3) On entrepreneurship, it is a privilege and human right for the more hard-working, more ambitious people and they should not be deprived or discouraged to try that route because of heavy government regulations, bureaucratism, and taxation.

Increased market dynamism and fewer government regulations and taxation are the keys to ensuring economic freedom and protection of human rights.

Bienvenido S. Oplas, Jr. is the head of Minimal Government Thinkers and a SEANET Fellow. Both organizations are members of EFN Asia.

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EFN’s panel on TPP at Jeju Forum 2016

* This is my article in BusinessWorld last June 13, 2016.

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Free trade means free individuals and a free society.

People who cannot find certain goods and services at specific quality from local producers given their limited personal or household budget may be able to find those from foreign producers. And people who cannot sell their products or services to local buyers may find those buyers abroad.

And this highlights the beauty of free trade: No trade will occur unless both parties, the buyer and seller, will benefit. There are losers and gainers in free trade of course, the same way that there are losers and gainers in no trade (autarky) or restricted trade. Overall, there are “net gains” in free trade where the advantages outnumber the disadvantages.

Global free trade is supposed to be facilitated by the World Trade Organization (WTO) when it was created in 1995. But 21 years later, this is far from happening.

Regional trade agreements (RTAs) and even trans-continental agreements were invented such as the ASEAN Free Trade Area (AFTA), Regional Comprehensive Economic Partnership (RCEP), and the Trans-Pacific Partnership (TPP).

This topic was discussed during the recently concluded big annual international conference, “Jeju Forum for Peace and Prosperity 2016,” held in Jeju, South Korea. The forum also had a panel that had the theme, “Trans-Pacific Partnership: an Assessment of its Political Economy” sponsored by the Friedrich Naumann Foundation for Freedom (FNF) and the Economic Freedom Network Asia (EFN Asia) last May 26, 2016.

The discussion moderator was Dr. John Delury, Associate Professor at the Graduate School of International Studies, Yonsei University, Seoul, South Korea. The discussants were Dr. Sethaput Suthiwart-Narueput, Executive Chairman of the Thailand Future Foundation (TFF), Kwon Tae-shin, President of the Korea Economic Research Institute (KERI) in Seoul, and Dr. Keisuke Iida, Professor at the University of Tokyo Graduate Schools for Law and Politics, Japan. The opening remarks was given by Dr. Lars-Andre Richter, Resident Representative of FNF Korea Office.

Panel Rapporteur was Pett Jarupaiboon, who is also the also the Program Manager of EFN Asia, based in Bangkok, Thailand. Pett shared his notes with me.

The three discussants are all liberal economists and are pro-free trade, pro-WTO, but they disagree and debate on the role of the TPP.

In particular, Mr. Kwon and Dr. Iida were critical of the WTO because of the lack of progress in global free trade. Dr. Sethaput argued that RTAs like TPP would undermine the progress of the WTO.

Here are the main arguments of the discussants.

(1) Mr. Kwon, KERI, South Korea. TPP members will enjoy an increase in exports and income from an enlarged market size, and they will also enjoy more consumer welfare due to a decrease in import prices and intensive competition. According to a recent study by the Peterson Institute for International Economics, if TPP takes effect in 2017, the GDP of TPP member countries is likely to increase by 0.5%-8.1% in 2030, compared to the GDP forecast in an event of non-adoption of TPP.

(2) Dr. Iida, Univ. of Tokyo, Japan. TPP has a rule-making function, and these rules as provided in international relations as well as who wrote them are important issues. For the US, joining TPP is part of a larger strategy of “pivoting” to Asia or rebalancing to Asia. The US was preoccupied with the wars in Afghanistan and Iraq and was not paying enough attention to Asia. Therefore, TPP was part of the toolkit to achieve this new policy for the Obama Administration. For Japan, which has to rely on the US for security, TPP meant mending the fences with the US following a series of recent frictions including the planned relocation of one of the most important marine bases in Okinawa to outside Okinawa.

He added that TPP is seen to benefit Japan, projected at 2.6% of GDP (accordingly to the Cabinet Office), a significant number considering that its potential growth rate minus TPP membership is mere 0.5%.

(3) Dr. Sethaput, TFF, Thailand. A multilateral system with non-preferential treatment covering many countries like the WTO is better than mega-regional trade regimes like TPP and RCEP. Why?

(a) TPP is subject to the usual problems of trade diversion: increased trade among members, lesser trade with non-members.

(b) TPP is not just about trade, it also includes other issues like investor and intellectual property protection, labor and environmental standards, etc.

(c) The investor-state dispute settlement (ISDS) mechanism provides international arbitration that benefits US corporates. The US Trade Representative notes on its Web site that “the United States has never lost an ISDS case.”

(d) RCEP is a better alternative, has less non-trade baggage, uses the best elements of the multilateral system, like WTO dispute settlement, TRIPS (Agreement on Trade-Related Aspects of Intellectual Property Rights).

(e) Ultimate goal should be the Free Trade Area of the Asia-Pacific, which includes all the existing members of APEC including China and Russia. This can be achieved through either expanding the TPP or merging TPP and RCEP.

Personally, I believe that the best trade policy is unilateral trade liberalization. Be friends to all countries and economies who can bring in the best products and services at best qualities and at the best or most competitive prices into our shores and shops. This will bring down the cost for all local manufacturers in need of cheaper capital goods, cheaper raw materials, and intermediate products, which will result in cheaper production processes. Local consumers will also benefit for obvious reasons. And those countries will likely return the favor with zero or very low tariff for Philippine exports too.

Since this is far from happening, the second best policy is multilateral and global free trade. This is not happening too. So the third best policy is joining mega-RTAs like the TPP and RCEP. The worst policy of course is autarky or no trade, or even very restricted trade.

The Philippines and all ASEAN members are already RCEP members. The Philippines should proceed applying for TPP membership. The dreaded provision ISDS is actually important and useful. It simply protects foreign investors who come to other TPP member-countries based on TPP rules, when other member-countries will suddenly change the rules midway. The ISDS in effect will help prevent members from arbitrarily changing rules on trade, investments, IPR, competition and other policies.

Bienvenido S. Oplas, Jr. is a Fellow of SEANET, President of Minimal Government Thinkers, which is a member of EFN Asia.
minimalgovernment@gmail.com

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Nick Smith as new Chairman of Lion Rock Institute

The Lion Rock Institute (LRI), Hong Kong’s first and only independent free market think tank, has a new Chairman, Mr. Nick Sallnow-Smith. For 10 years, 2004-2014, LRI Chairman was Bill Stacey. Then in 2015, he changed job I think and he needed more time there, so LRI Exec. Dir. Peter Wong acted as interim Chairman in 2015 until March 2016.

Below is Nick’s letter as posted in the LRI website.
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1 April 2016

A Message From Our New Chairman

Dear Lionrockers,

Despite the date, this is not an April fool’s message! Rather it is my means of expressing my pleasure today in saying a formal hello to all involved in the Institute.  I had the honour (with a ‘u’  for all you North Americans!)  of being asked, in our own “small circle” election, to take over today from Peter Wong as the Chairman of LRI.

It is a role I am happy to take up. The “Lion Rock spirit” in Hong Kong has been one of the key factors attracting me to stay in this city for the rest of my life. But it is a spirit which is at risk of damaging erosion.  For all of its modern history, our city has been an international role model for free enterprise and open markets. Hong Kong’s success has demonstrated to the world the value that these freedoms create for the whole community. That they could be questioned here of all places is astonishing, and is a challenge which we should not shirk.

We have a duty to speak up for the spirit of individual freedom and accountability that the Lion rock represents, so that new generations of Hong Kongers understand what made this city such a success, and realise that its loss could irreparably damage it.

For over 150 years politics were effectively “outsourced” to London. Free markets here were an economic issue. Today, they are also critical for personal freedom. The two cannot be separated. Without freedom to exchange, there can be no genuine personal freedom, and without the personal freedom to benefit from it, free trade means nothing.

I look forward to joining you in our own “free enterprise” collaboration at LRI aimed at standing up for these freedoms and explaining their fundamental value. This stand is increasingly important, as we face a growing global wave of collectivist fervour, which urges the denial of individual freedoms because they prevent those who would “socially engineer” our lives from doing so.

I hope to meet more of you over the coming months to share ideas on how we can be more effective in this mission.

Best wishes,

Nick Sallnow-Smith
Chairman
The Lion Rock Institute
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I have met Nick 3x in HK, during the LRI’s Reading Club Salon 2012, 2013 and 2014. I attended those 3 events of small-group reading-discussion sessions, courtesy of LRI travel scholarship, along with Barun Mitra, Feng Xingyuan and Mao Shoulong. Our group photos on those 3 events in 2012, 2013 and 2014, respectively.

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In the last photo, Nick is 2nd from left standing, Peter Wong is 4th from right standing, and Bill is in the center, seated.

Nick is British, been living and doing business in HK for decades. Soft-spoken guy, I can’t imagine how he gets angry because he seems to be smiling often.

LRI is a great partner of EFN Asia. It has co-sponsored EFN Conferences in 2004, 2012 and 2014. Congrats LRI for having Nick on the board.

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