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FS welcomes G20 communique
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     The Financial Secretary, Mr John C Tsang, today (November 4, Cannes time) welcomed the communiquˆm of the G20 Leaders Summit that contains a basket of measures to boost economic growth, address global imbalances and ensure world financial stability.

     Mr Tsang was in Cannes, France, to attend the two-day Leaders Summit.

     The communiquˆm highlighted the need for sustainable growth of the global economy and the importance of strengthening financial regulatory reforms.

     These reforms include, among other things, the implementation of Basel III, measures to address moral hazards posed by systemically important financial institutions (SIFIs).

     The Financial Secretary said Hong Kong's financial regulatory regime is sound and robust.

     "Through our participation in international forums and meetings, we have contributed to the development of financial regulatory reforms. We will implement them having regard to local circumstances."

     The Financial Secretary added that he was impressed by the sincerity and determination of G20 leaders in coming up with plausible measures to address the European debt crisis and other contemporary issues such as large fiscal deficits that have threatened global growth.

     In addition, leaders also discussed the importance of free trade as a means to promote long-term economic growth.

     Mr Tsang, however, cautioned that the uncertainty surrounding the global environment will likely persist for some time. We must keep up our vigilance against any possible external shocks. We must also maintain a healthy fiscal position to cater for possible spending needs in the event of further worsening of the global economic conditions.

Ends/Friday, November 4, 2011
Issued at HKT 22:35

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