Retreating from globalization not an option: HK chief

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(Xinhua)
Updated: 2009-02-18 11:27

During his visit to Japan, Hong Kong Special Administrative Region (HKSAR)'s Chief Executive Donald Tsang on Tuesday urged economies to take a fresh look at the international financial architecture and reach a consensus on how to better regulate the financial markets in a globalized world, according to Hong Kong's Information Services Department.

Retreating from globalization is not an option, Tsang said, when addressing Japan's political and economic leaders at a luncheon on Tuesday, the second day of his Tokyo visit.

"We have to forge closer cooperation and collaboration among regulators in Asia and further afield. With a more transparent global regulatory system we will be better able to identify future problems at the root and tackle them before they become widespread, " Tsang said.

He said Hong Kong's economy "remains stable, efficient and in a strong position to navigate through the financial storm."

To make Hong Kong a more efficient, reliable and vibrant partner for the region and for Japan, the first highlighted measure is to strengthen Hong Kong's integration with the Chinese mainland, making the city a more effective low-risk entry point to Chinese mainland markets for Japanese firms, Tsang said.

"We will also provide more opportunities for companies in Hong Kong to do business in the Chinese mainland and around the region, including Japanese enterprises incorporated in Hong Kong which can take full advantage of the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) and enjoy preferential entry to the Chinese mainland market," he said.

He said Hong Kong will also continue to improve its environment and the role as a global financial center in the region.

Tsang arrived in Tokyo Monday afternoon for a three-day official visit.

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