The Chief Executive, Mr Tung Chee Hwa, says Hong Kong and the 17 other APEC economies have a strong interest in seeing a quick and enduring restoration of financial stability to the Asian region and healthy, sustainable growth.

Echoing the APEC Economic Leaders Declaration released today (Tuesday, Canada time), Mr Tung said there was no doubt the fundamentals for long-term growth and the prospects for the region were "exceptionally strong".

He said he fully supported increased APEC co-operation to help restore financial stability in Asian economies.

The currency and stock market troubles throughout the region dominated talks today at the APEC Economic Leaders Retreat, held at the Great Hall of the Museum of Anthropology in Vancouver.

Mr Tung said the "successful, productive and frank" talks underlined the importance of increased APEC co-operation and the primary role of the International Monetary Fund's (IMF) to promote and enhance financial stability within the region.

He said despite the recent turbulence, APEC Leaders were determined to forge ahead with trade and investment liberalisation to foster further growth.

Leaders urged the World Trade Organisation (WTO) to conclude the current round of financial services negotiations by the middle of next month and also pressed the WTO to continue to pursue further multi-lateral liberalisation.

"I and the other APEC Leaders are convinced that open markets bring significant benefits," said Mr Tung.

"However, we also realise that we need prudent and transparent policies, especially sound macro-economic policies, and effective financial sector regulation.

"I and other Leaders also believe it is critically important to enhance the capacity of the international system to prevent and respond to financial crises of this kind."

Mr Tung said APEC Leaders welcomed plans endorsed by Trade Ministers last week to advance the pace of trade liberalisation within the Asia-Pacific region through early voluntary sectoral liberalisation.

Mr Tung said he was looking forward to welcoming new APEC members Russia, Vietnam and Peru from 1998.

The Chief Executive said he had enjoyed his first APEC Economic Leaders Summit and was keen to establish even closer working relationships with other APEC Leaders before the 1998 Economic Leaders Summit in Kuala Lumpur.

Mr Tung said he had also enjoyed the APEC tradition of dressing to suit local customs during the Leaders Summit.

This year, Economic Leaders traded business suits for a blue denim shirt and a brown leather jacket featuring an embossed APEC logo.

"It was quite comfortable, it made a nice change from a collar and tie," said Mr Tung.

Mr Tung leaves Canada tonight and is due in Hong Kong on Thursday morning.