An open government is the best firefighter

In a meeting at the London School of Economics last week, Hong Kong Chief Executive Donald Tsang told the audience that his government has no plan to cut public spending, which, he said, will "help reduce the impact of the current economic downturn and stimulate demand for goods and services."

Almost in the same breath, he added that Hong Kong adheres to the principle of "big market, small government," declaring, "the less the government intervenes, the more is left for the private sector to contribute" to economic growth.

As the Hong Kong economy is sinking into what could be the worst slump since the end of World War II, the government is facing increasing pressure to initiate a stimulus package, centering on a massive increase in public expenditure to break the much dreaded recessionary spiral.