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Following is the speech by the Financial Secretary, Mr John C Tsang, at the cocktail reception of the Asian Financial Forum at the Hong Kong Convention and Exhibition Centre this evening (January 19):
Distinguished Guests, Ladies and Gentlemen,
Good evening.
A warm welcome to everyone who came far away to Hong Kong.
It is a great pleasure for me to join you for this Reception. The renowned speakers over these two days have helped establish the Asian Financial Forum as a major event in our calendar.
Apart from listening to the insights of some of the world's leading financial thinkers, this is a great networking opportunity for all concerned.
I'm told that there are more than 1 000 people attending today. You and your organisations represent the "Changing Face of Asia", and from where I am standing the changing face of our region looks to be quite full of optimism, enthusiasm and vibrancy.
I thank you all for your contributions to this event and for your continued confidence in our city.
We often like to measure our progress - individual progress as well as collective progress - through anniversaries. There have been a series of such occasions for our city and our nation in recent months.
In 2007, we celebrated the 10th Anniversary of our reunification with the Mainland of China. Last year marked 30 years of opening up and reform policies in China, and this year is the 60th Anniversary of the People's Republic of China. These all represent significant chapters in our nation's evolution.
I would like to add another anniversary to the mix this evening, albeit on a different tack.
Next month marks the 200th Anniversary of the birth of the renowned naturalist Charles Darwin. I mention Charles Darwin because his theories of evolution - at least the broad concept of his theories - link in with the theme of the Asian Financial Forum, "The Changing Face of Asia".
Allow me to recall something Darwin once said, I quote: "In the struggle for survival, the fittest win out at the expense of their rivals because they succeed in adapting themselves best to their environment."
Of course, Darwin was referring to the evolution of biological species. However, companies and economies do take on biological characteristic and they also have to adapt to their environment to survive and to prosper. Asian economies have evolved rapidly over recent decades, proving themselves to be fit, versatile and above all adaptable to challenges and opportunities in our global village. As a result, our economies have become more dynamic and more relevant to the rest of the world.
The global financial crisis has forced many of us to revise downwards our growth forecasts in the near term and rethink some of our economic strategies. However, it is also a chance for us to take a fresh look at how we fit into the new environment for global business and global finance.
Hong Kong's evolution from a small fishing village to a modern metropolis is well documented. Looking ahead, an important part of our strategy is to strengthen our role as China's international financial centre.
By its very nature, this role has two underlying parts.
First, to lend our experience, know-how and the talent of our people to refining the financial infrastructure of our nation. We want to establish a more efficient, more transparent and more robust financial system that will complement the rapid economic growth of our nation.
The second aim is to expand our international horizons so that Hong Kong can strengthen its position as a global financial centre in the Asian time zone.
The Chief Executive spoke this morning about some of the things we are doing to achieve these goals including tapping into emerging markets, developing new financial products and new financial services and attracting more overseas talent to Hong Kong.
Ladies and Gentlemen, I look forward to learning more about your views on Hong Kong's role in the Changing Face of Asia during this Forum.
I will conclude with another thought from Charles Darwin. Darwin once said, and I quote: "A man who dares to waste one hour of time has not discovered the value of life."
With this in mind, I encourage you to make the most of this Forum and the networking opportunities it offers.
I wish you all a successful and fruitful Asian Financial Forum.
Thank you very much.
Have a good stay in Hong Kong and shop a lot!
Ends/Monday, January 19, 2009
Issued at HKT 19:11
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