In the end Hong Kong put its red-blooded capitalist instincts First, but for a long time it looked as if old friendships and the idea that nanny government really knows best might prevail. At issue was the award of licences for the new third generation (3G) mobile telephones. Sale of these has produced windfall gains for European governments, but for months the Hong Kong telecommunications regulator declared that it would run a “beauty contest” under which the government would assess bids and award licences for free, having decided which service suppliers would benefit the community best.
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