The first day of meetings by APEC Economic Leaders were "useful and constructive", says the Hong Kong Special Administrative Region Chief Executive, Mr Tung Chee Hwa.

Mr Tung spent the afternoon with the 17 other leaders of APEC economies discussing the agenda of the Leaders Summit to be held on Tuesday.

It was the first time Mr Tung had attended an APEC Leaders Meeting and the first time Hong Kong had taken part in the forum under the name "Hong Kong, China".

Also on today's diary was the official APEC "family photo", which shows a line-up of APEC Economic Leaders.

An afternoon session was taken up by discussions with APEC Business Advisory Council (ABAC) members.

Discussions touched on trade and investment liberalisation, the cross-border flow of goods, services and capital, ease of travel for business purposes and the promotion of co-operation in APEC "ecotech" (economic and technical co-operation) projects to facilitate equitable growth.

Also discussed was the current trouble in the Asian currency and financial markets, which Mr Tung expects to be a topic of major focus during the Leaders Summit, to be held at the Museum of Anthropology.

Last night (Vancouver time), Mr Tung took part in a VVIP Reception before attending the dinner and cultural performance hosted by the Canadian Prime Minister, Mr Jean Chretien, this year's APEC chair.

Mr Tung started his day with a bilateral meeting with New Zealand Prime Minister, Mr Jim Bolger.

Mr Tung said he and Mr Bolger agreed on the importance of ongoing trade liberalisation in the Asia-Pacific region. They also agreed that the current financial setbacks were a short-term problem and that the next millennium would herald the Asia-Pacific Century.

After the bilateral meeting, Mr Tung told reporters that the current trouble in the Asian financial markets would be an important area of discussion for the APEC Economic Leaders.

"But let me emphasise, the fundamentals in Asia continue to be strong," he said. "We have one of the highest savings rates, investment levels are high, workforces are very flexible, trade is open. So all the good fundamentals are there.

"There needs to be some correction in the financial supervision and banking management but I'm sure that corrections will be made and we will come out stronger than before."