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Tung Expresses Confidence in East Asia, HK
Given the improvements in the economic fundamentals of Asian economies since 1998, a repeat of the Asian financial crisis seems unlikely at this moment, Chief Executive of the government of the Hong Kong Special Administrative Region Tung Chee Hwa said here Monday.
Speaking at the opening dinner of the World Economic Forum's East Asia Economic Summit, Tung said, "Self-Defense mechanisms of many Asian economies have been strengthened, while at the same time, the threat from highly leveraged institutions has been greatly reduced."
However, Asian economies must remain on high alert as the risk of financial contagion in the region, though presently not high, might change with the worsening of the prospects for the global and regional economies, Tung said.
He pointed out key factors that all the economies should take heed of, namely the need to restore the confidence of the people of the United States, the maintenance of stable oil prices, the need for the early recovery of the Japanese economy, and alertness to the risk of a recurrence of financial contagion.
Tung said Hong Kong's economy, like other economies in the region, was Affected by the cyclical downturn around the world.
However, the chief executive stressed his confidence in Hong Kong's economy. Hong Kong has a clear vision and a targeted strategy, is endowed with distinct advantages, and Hong Kong people are hardworking, creative, enterprising and self-reliant, he said.
"Finally, we have confidence because we can leverage on the support of the Central Government and the huge potential and opportunities made available by the rapid expansion of the Chinese Mainland economy, particularly the Pearl River Delta," he added.
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