Press Release
Seminar on "The Global Financial Crisis and Recovery: a Regional Cooperation Perspective" concludes successfully
Wednesday, January 27, 2010
The following is issued on behalf of the Hong Kong Committee for Pacific Economic Cooperation:
The Hong Kong Committee for Pacific Economic Cooperation (HKCPEC) and the Trade and Industry Department (TID) today (January 27) jointly organised a seminar on "The Global Financial Crisis and Recovery: a Regional Cooperation Perspective". More than 150 members from the academic, business and government sectors attended.
Speaking at the seminar, the Chairman of the HKCPEC, Professor Sung Yun-wing, introduced the HKCPEC and its activities. He said given the growing importance of regional cooperation, HKCPEC had conducted a series of programmes, including Youth Learning Projects, workshops and seminars, to promote the understanding of regional cooperation matters to the general public.
Professor Sung said that the global financial crisis in 2008 brought about unprecedented challenges to the global economy. While economic situation has eased recently, the pace and scale of recovery remains uncertain. The seminar aimed to explore the impact of the financial crisis, including decline in economic growth and trade, and the possible threat of protectionism. Professor Sung added that the crisis had given rise to a paradigm of changes and a new global economic order was in sight. The seminar also looked into Asia-Pacific's role in the new economic order, and how the post-crisis regional landscape would bring about opportunities for our businesses.
During the seminar, Vice-President of Lingnan University, Professor Jesús Seade, analysed the post-tsunami outlook for the international economy; Managing Director of Li & Fung Group, Dr William Fung, provided his views on the threat of protectionism amid decline in economic growth and trade; Deputy Secretary for Financial Services and the Treasury (Financial Services), Mr Cheng Yan-chee, reviewed the impact of the crisis on regional cooperation in the financial services sector; Deputy Vice-Chancellor and Provost of the University of Hong Kong, Professor Richard Wong, examined the role of the Asia-Pacific in the post-crisis global economic order; while Chairman of the MTR Corporation Limited, Dr Raymond Ch'ien Kuo-fung, shared with participants the opportunities for businesses under the new global economic order.
Chief Economist of the Hong Kong Trade Development Council, Mr Edward Leung, moderated a panel discussion with the five speakers on Hong Kong's role in the new global economic order and the contributions from the public, private and academic sectors.
Pacific Economic Cooperation Council (PECC) is a non-governmental organisation founded in 1980 with the objective of serving as a regional forum for cooperation and policy co-ordination to promote economic development in the Asia-Pacific region. PECC is tripartite in nature comprising representatives from the academic, business and government sectors. HKCPEC was established in 1990 to advise the Government on matters relating to Hong Kong's participation in PECC. It is currently chaired by Professor Sung and comprises 12 members from the academic, business and government sectors.
Currently, PECC has 26 members, of which 23 are full members representing the economies of Australia; Brunei Darussalam; Canada; Chile; China; Colombia; Ecuador; Hong Kong, China; Indonesia; Japan; Korea; Malaysia; Mexico; Mongolia; New Zealand; the Pacific Islands Forum; Peru; the Philippines; Singapore; Chinese Taipei; Thailand; the United States; and Vietnam; one associate member representing France (Pacific Territories); and two institutional members which are the Pacific Trade and Development Conference and Pacific Basin Economic Council.
Ends