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The Financial Secretary, Mr John C Tsang, today (September 19) met his counterparts at the margins of the Asia-Pacific Economic Cooperation (APEC) Finance Ministers' Retreat in Bali, Indonesia.
Mr Tsang started the day by meeting with the Associate Minister of Finance and Minister of Defence and State Services of New Zealand, Dr Jonathan Coleman. Both sides exchanged views on the global economic situation and looked forward to strengthening bilateral trade and investment ties between the two places.
This was followed by a meeting with the Assistant Secretary for International Markets and Development of the US Treasury, Ms Marisa Lago, to discuss the fundamentals of the US and Hong Kong economies. The two sides agreed to enhance co-operation in financial regulation.
A meeting with the President of the Asian Development Bank, Mr Takehiko Nakao, was held in the afternoon. Mr Nakao briefed Mr Tsang on the future work priorities of the Asian Development Bank.
At the APEC Finance Ministers' Retreat, Mr Tsang spoke on policy initiatives to strengthen the resilience of Hong Kong's financial system. He said that extraordinary fiscal measures have been introduced over the past two years to manage demand for property and to reduce the possible risks to financial stability arising from an over-exuberant property market in Hong Kong.
He added that in terms of financial market supervision, the Hong Kong Monetary Authority has introduced several rounds of counter-cyclical prudential measures to strengthen banks' mortgage underwriting standards.
In the evening, Mr Tsang met with Canada's Minister of State (Finance), Mr Kevin Sorenson, to exchange views on the international and regional challenges and opportunities arising from enhanced co-operation between Hong Kong and Canada.
Mr Tsang then attended a gala dinner hosted by the Minister of Finance of Indonesia, Dr Muhammad Chatib Basri.
Mr Tsang will attend the APEC Finance Ministers' Meeting tomorrow (September 20) and will return to Hong Kong on Saturday (September 21).
Ends/Thursday, September 19, 2013
Issued at HKT 20:02
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