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The Chief Executive, Mr Donald Tsang, said today (February 17) that economies need to take a fresh look at the international financial architecture and reach a consensus on how to better regulate the financial markets in a globalised world.
Addressing Japan's political and economic leaders at a luncheon on the second day of his visit to Tokyo, Mr Tsang said retreating from globalisation is not an option.
"We have to forge closer co-operation and collaboration among regulators in Asia and further afield. With a more transparent global regulatory system, we will be better able to identify future problems at the root and tackle them before they become widespread," Mr Tsang said.
The Chief Executive briefed his audience on the measures taken by Hong Kong in dealing with the economic downturn.
"So far, our efforts have paid off. Our economy remains stable, efficient and in a strong position to navigate through the financial storm."
Mr Tsang also highlighted four focus areas for making Hong Kong an even more efficient, reliable and vibrant partner for the region and for Japan.
The first area is to strengthen Hong Kong's integration with Mainland China, making the city a more effective low-risk entry point to Mainland markets for Japanese firms.
"We will also provide more opportunities for companies in Hong Kong to do business in the Mainland and around the region, including Japanese enterprises incorporated in Hong Kong which can take full advantage of CEPA and enjoy preferential entry to the Mainland market," Mr Tsang said.
The other focus areas will be the improvement of the environment and the strengthening of Hong Kong's role as a global financial centre in the Asian time zone.
In the morning, Mr Tsang met the Chairman of the Japan-Hong Kong Parliamentarian League, Mr Tsutomu Hata, and other members of the league's leadership. The league was established in 1992 and includes a number of senior politicians such as former Prime Minister Tsutomu Hata, former Prime Minister Yoshiro Mori and former Minister of Foreign Affairs Masahiko Koumura.
Mr Tsang briefed the league's leadership on the latest economic, social and political situation in Hong Kong and discussed with them the impact of the global economic downturn.
In the afternoon, he met business leaders and representatives of ratings agencies in Japan. They exchanged views on the outlook of the world economy and how Asia should respond. He also assured attendees that Hong Kong would continue to be an ideal place to do business.
Ends/Tuesday, February 17, 2009
Issued at HKT 18:25
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