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World economies can work together for stronger global financial structure: CE (with photos)

     The Chief Executive, Mr Donald Tsang, today (November 19, London time) urged the world economies to join hands in rebuilding a strong and stable global financial system.

     He put across the message at the annual dinner of the Trade Development Council in London yesterday (November 18, London time).

     The Chief Executive reminded the governments around the world to resist five temptations in order to avert the threat of a prolonged and painful global recession.

     The five temptations are "to go it alone and act in isolation"; "to neglect the need for an exit strategy", "to cut back on public spending", "to close the doors because of protectionist sentiment" and "over-regulate in response to the financial crisis".

     Mr Tsang stressed that the world was linked together like never before. He looked forward to a concerted, co-ordinated and global effort in actions and strategies and believed that amid the financial crisis, Hong Kong, like London, would have a role to play and experience to share.

     Mr Tsang started the second day (November 19, London time) of official visit by meeting members of the Council of Chatham and the Chairman of the UK Financial Services Authority, Lord Adair Turner. He then addressed a luncheon hosted by the City of London Corporation.

     Mr Tsang discussed with them the impacts of the financial crisis on the world economy and the possible areas of co-operation between the two places.

     In the afternoon, the Chief Executive will speak to about 400 academics and students at a lecture of the London School of Economics and Political Science.

     He will also officiate at the launch reception of "Meetings and Exhibitions Hong Kong" organised by the Hong Kong Tourism Board.

     The event will kickstart a series of campaigns and marketing initiatives in Britain to attract more international meetings and exhibitions to be staged in Hong Kong.

     Before departing UK for Peru tomorrow (November 20, London time), Mr Tsang will meet the British Foreign Secretary, Mr David Miliband, and visit the Borough Market in the morning.

Ends/Wednesday, November 19, 2008
Issued at HKT 22:32


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