Reform of Global Financial Architecture Remains Top Priority
Hong Kong Chief Executive Donald Tsang said reform of the global financial architecture should remain a top priority of the international community in the wake of the global financial crisis.
“The process of recovery and repair worldwide is still incomplete. Economies must sustain the necessary policy response for a balanced, inclusive and sustainable growth, and draw up exit strategies in a coordinated manner,” Mr. Tsang told the business sector of member economies at the Asia Pacific Economic Cooperation CEO Summit 2009 in Singapore on November 13.
“Hong Kong will maintain steadfast support for international and global fora to improve global economic governance and financial regulatory reform, and will actively participate in their activities,” the Chief Executive said.
Mr. Tsang said that as an active member of the Financial Stability Board, Hong Kong will take concrete action to translate the board’s high-level principles into practical guidelines for implementation.
“We are closely following international discussions on the regulation of hedge funds and credit-rating agencies. We also support measures conducive to active due diligence and risk monitoring, and to reducing the risk of financial instability,” he said.
The Chief Executive added that in upgrading the financial regulatory system in Hong Kong, a reasonable balance will be struck between market development and investor protection.
On November 13, Mr. Tsang also met U.S. Secretary of Commerce Gary Locke to discuss economic and trade issues. This was followed by a meeting with New Zealand Prime Minister John Key. After the meeting, Mr. Key and Mr. Tsang jointly announced the conclusion of negotiations of the Hong Kong and New Zealand Closer Economic Partnership Agreement.
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