Transcript of remarks by CE at the media session for Task Force on Economic Challenges (with video)

Transcript of remarks by CE at the media session for Task Force on Economic Challenges (with video)
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     Following is the transcript of remarks (English portion) by the Chief Executive, Mr Donald Tsang, at the media session for the Task Force on Economic Challenges after the meeting of the Executive Council at the ground floor lobby of the Central Government Offices, Main Wing today(October 28):

     Good morning, I am glad to tell you that the Task Force on Economic Challenges has been established and is ready to hold its first meeting next Monday.

     Ten individuals from different fields have accepted my invitation to serve on this important Task Force.

     They are: Mr Mervyn Davies, Dr Victor Fung, Prof Lawrence Lau, Mr K C Leong, Mrs Margaret Leung, Ms Ayesha Macpherson, Dr Stephen Roach, Mr Shih Wing-ching, Dr Patrick Wang, and Mr Mathias Woo.

     I will chair this Task Force personally, and the Financial Secretary Mr John Tsang will be the Deputy Chairman.

     The challenges ahead of us are daunting. The damage that the financial tsunami has inflicted on the global economy has yet to be fully revealed.  We need to evaluate the situation, consider ways to respond, identify new opportunities, and ultimately enhance our international competitiveness.

     While the Task Force has a small membership and does not include representatives from every sector of the economy, but I hope that it can bring to us new perspectives.  With their experience and collective wisdom, members will come up with specific proposals for the Government and relevant industries to consider and take forward.  This will help us weather the storm and turn crises into opportunities.

     The Task Force has invited Mr David Burton, Head of the Asia and Pacific Department of the International Monetary Fund, to give us at the first meeting an update and evaluation of the global financial crises.  The Task Force will seek to make a preliminary assessment of the impact of the financial tsunami on the global and local economy.  It will also formulate a work plan for the coming few months.

     Thank you very much.

(Please also refer to the Chinese portion of the transcript.)

Ends/Tuesday, October 28, 2008
Issued at HKT 13:15

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